China halts pyramid schemes involving Maldivian participants
GMCE has been officially classified as a pyramid scheme, and investigations are ongoing to determine further action against those involved.
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Authorities in China have halted several pyramid schemes, including GMCE or GEMCUE, which involved a number of Maldivians.
The schemes, which were active in Shenzhen, China, included the GMCE or GEMCUE operation that also reached the Maldives and led to significant financial losses for participants. GMCE had gained popularity in China and was under close monitoring by relevant authorities. Reports in Chinese-affiliated media stated that the investigation into the scheme is being carried out in coordination with Maldivian authorities.
No arrests have been made in relation to those operating the schemes. GMCE has been officially classified as a pyramid scheme, and investigations are ongoing to determine further action against those involved.
Authorities have noted that such schemes often present themselves as legitimate investment opportunities. Details of China’s wider operation to dismantle three major schemes have not yet been disclosed. The investigation into pyramid schemes began earlier this month.
Police in Maldives previously stated they had identified seven Maldivians linked to GMCE, which has also been traced to origins in the Maldives. The Chinese government’s operation is aimed at addressing pyramid schemes and ensuring oversight in areas such as cryptocurrency trading.
