Former MP Alhan Fahmy has been directed by the Civil Court to compensate over MVR 700,000 to three individuals who fell victim to the Ponzi scheme orchestrated by King’s Capital. The court’s ruling mandates Alhan Fahmy to refund their investments, including profits, and cover legal expenses. A cumulative payment of MVR 715,250 has been ordered across three distinct cases.
Shahudha Naseer of Haa Alif Hoarafushi is slated to receive a total payment of MVR 557,750. This includes MVR 485,500 for her initial investment and profits, along with MVR 72,750 designated for legal costs.
In the case of Mariyam Zana Mohamed from Lhaviyani Hinnavaru, a reimbursement order has been issued for her MVR 50,000 investment in King’s Capital. Additionally, she is entitled to MVR 7,500 for legal fees, with the payment expected within 15 days.
Aminath Rishfa of Kaafu Thulusdhoo, who invested MVR 25,000, has been granted a court order directing King’s Capital to reimburse her investment and pay MVR 75,000 in profits within a 15-day timeframe.
The judgments in all three cases were delivered in absentia as King’s Capital failed to appear in court. Alhan Fahmy, along with his brothers Shahuban Fahmy and Shazuban Fahmy, faces accusations of luring individuals with promises of financial gains through investment packages offered by their family company, King’s Capital, during 2021 and 2022. Allegedly, the company collected funds from the public and misappropriated the money without fulfilling the promised investments.
As investigations into the scam progress, cases involving additional victims are currently under scrutiny by the police. The Prosecutor General’s office has indicated that decisions on further charges will be made following the conclusion and submission of these cases.