Former Member of Parliament and Owner of King’s Forex Trading, Alhan Fahumy who made the headlines this week has said that he will sue Maldives Monetary Authority (MMA) and Bank of Maldives (BML) over allegations of running a Ponzi scheme and freezing his company accounts.
Alhan said that he will sue the authorities over the damages his company incurred due to the allegations which lead to the company accounts being frozen by BML.
Mohamed Haleem and Ahmed Hailam, who are both former Judges, will represent Alhan’s company. They both have claimed that legislation and regulations do not specifically criminalize forex trading thus it cannot be deemed illegal.
Alhan is also facing further problems as Maldives Police Service has begun investigating his trading funds.