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GMCE on a monitor.

Police confirm GMCE registration document invalid

Initial investigations by the police found that around 7,000 individuals had invested in the scheme.

19 June 2025
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The Maldives Police Service has stated that a registration certificate being used to promote the investment scheme known as GMCE or GEMCUE is not valid, according to confirmation received from authorities in the United States.

Police and the Capital Market Development Authority (CMDA) last week warned that GMCE is a pyramid scheme and that legal action will be taken against those promoting or recruiting participants into the scheme.

Speaking at a press briefing, Adam Naveed, Head of the Police Anti-Scam Centre, said the promoters have been using a company registration certificate in an attempt to present GMCE as a legitimate business. The certificate was verified with relevant agencies in the United States and found to be invalid.

“They are using a certificate claimed to be from GMCE to gain the trust of those entering the scheme. However, this document is not registered anywhere in the US,” Naveed said.

According to police, after the CMDA and police issued a public warning, the scheme’s promoters increased their activity, falsely advertising that certain investments would double in value on the same day.

Naveed said many individuals who invested in GMCE are now unable to withdraw their funds. Promoters have claimed their wallets were frozen due to investigations by US agencies, which police say is untrue.

“This case is being investigated solely by the Maldives Police Service. There has been no action from the Dhaka police or the freezing of GMCE wallets,” Naveed said.

Initial investigations by the police found that around 7,000 individuals had invested in the scheme. That figure may have now tripled or quadrupled. The total local investment is estimated at between USD 2 million and USD 3 million.

Police have identified seven individuals—six men and one woman—who have promoted the scheme in the Maldives. Naveed added that the scheme originated in the Maldives but may involve a European country, although it remains unclear which.

“This is a Ponzi scheme that uses new techniques, and efforts to mislead the public are ongoing,” he said.

The CMDA and police have reiterated their call for the public to exercise caution and report any suspicious investment opportunities.

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