Alhan’s ‘tomorrow’ that never came; investors still at loss
6 months after being accused of running Ponzi scheme, Alhan’s investors have still not received their profits or investments
By
Azuhaar Abdul Azeez
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. This is how Alhan Fahmy’s Forex trading scheme has been labelled.
In February, Maldives Monetary Authority (MMA) and other respective government agencies issued a warning against the financial scheme that was propagated by the former parliament member representing Addu Atoll Feydhoo Constituency, promising great profits to thousands of his investors.
Police launched the criminal investigation for Alhan Fahmy’s ‘King's Forex Trading' scheme in March 2022, enforcing a stop to the scheme. As a result, many of the people who invested in his Forex trading scheme started filing complaints with the Police and the Capital Market Development Authority (CMDA) for returns of their investments.
Not too long after that, Alhan was summoned to the Police for the investigation, and that is the most update we have had on the case to date. Police are still at the inquiry stage while the people who invested in the scheme are devastated. Alhan seems to carry on with his life ‘as if nothing happened’, as per some investors.
Dhauru inquired with the police regarding the proceedings of the case on Sunday, and they responded that the investigation is still ongoing.
“The investigation is still ongoing; we are questioning affiliated people and searching for documentation”; the police response.
Investors at wits end
While there are over 1,600 people who have invested in Ahan’s scheme, some of them have invested their entire life savings into it. Wooed by the slogan “Become a millionaire within a year”, this scheme manipulated some people to take big bank loans to invest in it.
Since the police have not disclosed any details of the case, nobody knows whether any progress has been made in the investigation. Almost six months since the scheme had been brought to a stop, the only response from Alhan has been excuses in response to the investors calling out to him for the return of their investments.
The deadlines given by the King’s Forex group run by Alhan:
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In April, they announced that it would take three months (May, June and July) to return the profits to the investors, and due to the delay the company would give an additional 25% of the investment to the investors
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In May, they announced that further delays had come up and that the money would be returned by July
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On July 3, they said they would begin returning the money at month end
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On July 23, they said due to the many public holidays and other difficulties, returning the profits had not been scheduled, and that they hoped they could commence returning after July 26
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On August 2, they said due to the same reason as above, they could not arrange the transfers and that they would do it in August.
Since then, there has been no news from them in either of the two groups they operate on Telegram.
In another Telegram community group run by the investors, they continue to protest. Since the police investigation is not producing any results, these investors accuse that Alhan Fahmy is being protected by the police.
“Almost six months have passed, nothing has been done. Haven't we been patient for long enough,” one of the protesters expressed in the Telegram community group.
“The question is, do we wait until the end of August? They’ve fooled us and run through the year without returning anything. There is not a single person here who has even received MVR 100 since April 18”.
Another protester claimed that there is no hope anybody in the group will get their money returned even by the end of August.
“When I started messaging and called them yesterday, they said there is a court hearing scheduled for August 30 regarding this case, and they would know when they can pay only after the hearing”, the message read.
The protesters feel that Alhan Fahmy is not in the least bit bothered about their suffering as he is seen active on Twitter and social media, making political stands. In response to his tweets and quotes, the majority of replies are concerned with the refunds for the Forex investments that had been made. Alhan responds to the accusations on social media curtly, asserting that the funds will be transferred as soon as the legal case is solved, and that he has not stolen anybody’s money.
