Maldives Police Service has commenced a criminal investigation against former Member of Parliament Alhan Fahmy for running an alleged Ponzi Scheme via his King’s Forex Trading company.
Maldives Police Service confirmed in a statement that a criminal investigation has been launched against a company conducting an alleged Ponzi Scheme without revealing the name of said company.
Moreover, the Financial Intelligence Unit (FIU) of the Maldives central bank, Maldives Monetary Authority (MMA), filed an official police case against Alhan Fahmy’s company according to local sources.
Earlier this month, MMA and the Capital Market Development Authority (CMDA), cautioned the public against Ponzi schemes and fraud without naming any specific entity. On the same day, Bank of Maldives (BML) also froze the accounts of Alhan Fahmy’s company King’s Forex Trading. Alhan Fahmy confirmed that he will seek legal action against MMA and BML for the damages incurred due to freezing his company accounts.