Alhan Fahmy’s Kings Capital Holdings’ bank account with the Bank of Maldives (BML) has been closed and the funds in the account returned to the company.
An official from Kings Capital Holdings, who spoke on condition of anonymity, told local news Sun that the company had asked to have the account closed even before it filed a lawsuit seeking to unfreeze the account.
The official said that following the closure of the account on Thursday, the funds in the account was transferred to a different account in accordance with standard protocol.
The bank froze King Capital Holdings’ account on March 10, following warnings by Maldives Monetary Authority (MMA) and Capital Market Development Authority that the company was running a Ponzi scheme and Maldives Police Service announced that it has launched an investigation into the company.
