GMCE Ponzi scheme collapses as organisers promote new plan
An estimated 500,000 people are believed to have invested in GMCE.
The investment scheme known as GMCE or GEMCUE has collapsed, with investors reporting that they are no longer able to withdraw their funds. Despite this, individuals believed to be behind the scheme have announced a new initiative bearing similar characteristics.
Authorities, including the Police and the Capital Market Development Authority (CMDA), have identified GMCE as a Ponzi scheme. They have warned that legal action will be taken against those promoting or encouraging participation in such schemes.
An estimated 500,000 people are believed to have invested in GMCE. In recent weeks, participants have shared complaints in Telegram groups about being unable to access their funds.
A message posted in the group by one of the administrators stated that there had been no communication from GMCE’s marketing team. The same individual later introduced a new investment opportunity in collaboration with another person and shared a link inviting members to join.
“This is a safe and reliable project,” the message read. It also claimed that participants would be able to withdraw funds after a few months.
Adam Naveed, Head of the Police Anti-Scam Centre, previously stated that six men and one woman were primarily responsible for promoting GMCE. He said the scheme is believed to have originated in Maldives, though further investigations are ongoing.
“Based on available information, there are indications that the scheme started in Maldives. However, it cannot yet be concluded with certainty that it was created solely by individuals in Maldives,” Naveed said.
