Charges sought against 3 including Alhan over forex Ponzi scheme
Alhan says he has not done anything against the laws of Maldives.
By
Fathmath Ahmed Shareef
Police on Monday sent a request to the Prosecutor General's (PG) Office to file charges against three persons, including former MP Alhan Fahumy, for allegedly running a Ponzi scheme by extorting huge sums of money from people in the name of forex trading.
Kings Capital Holdings Pvt Ltd has been accused of fraudulently obtaining large sums of money and laundering the money by introducing an investment scheme in violation of the Financial Securities Act, Rules and Regulations in Maldives. Alhan was produced before police on May 17 and questioned for six hours. After appearing at the police station, Alhan denied the allegations in a tweet.
The prosecutor general's office confirmed to Atoll Times that the case of three people was sent to the office on Monday for prosecution. They are the shareholders of Kings Capital Holdings:
-
Alhan Fahmy
-
His brother and then president of the Media Council Shahban Fahmy
-
His brother Shazban Fahmy
The central bank, MMA, came to know about a scheme to extort money from the public through social media outlets like Facebook and Telegram, claiming huge benefits within a short period of time, and issued a statement on March 10 asking the public to be wary of the scheme.
-
BML froze Kings Capital Holdings' account with MMA statement
-
The MMA's Financial Intelligence Unit (FIU) launched a criminal investigation into the scheme on March 15
-
However, with the unfreezing of Kings' accounts before the investigation was completed, the scheme was resumed until recently but many of the earlier investors have not been refunded
-
Alhan says he has not done anything against the laws of Maldives
The amount to be paid to those who have invested in Alhan's scheme is MVR 4.5 million. According to the data, there were 44 people who did not receive money for the scheme after it was discontinued. However, it is learnt that only 30 of them reported the matter to the police.
