Alhan opens new trading scheme amid ongoing legal proceedings
The development comes as Alhan and his two brothers continue to face charges of tax evasion and financial misconduct.
Former Member of Parliament Alhan Fahmy has announced the launch of a new cryptocurrency-based trading opportunity, despite facing ongoing legal proceedings related to a previous scheme that police and regulators have described as a Ponzi operation.
Alhan made the announcement through a public statement, stating that he is now offering individuals the chance to deposit US dollars into a crypto trading account under his management, promising a return of at least 1.5 percent per day.
The development comes as Alhan and his two brothers continue to face charges of tax evasion and financial misconduct. These charges are linked to Kings Trading Company, a business previously operated by the trio. Authorities allege that the scheme failed to pay a number of investors and exhibited characteristics of a Ponzi model.
In his statement, Alhan criticised the actions taken against Kings Trading Company, claiming that the Bank of Maldives (BML) closed the company's account without justification. He stated that the matter is currently under review by the High Court.
Alhan further argued that the legal case against him and his brothers is based on statements from only 13 individuals, despite the company allegedly conducting financial transactions with approximately 1,800 people. He maintained that many of those who invested in the past had gained from the venture.
The Capital Market Development Authority (CMDA) and Maldives Police Service have both previously warned the public against participating in unauthorised investment schemes, including GMCE or GEMCUE, which they have identified as Ponzi schemes.
Authorities continue to urge caution as investigations into financial fraud and unlicensed trading platforms are ongoing.
