Police to seek charges over Alhan's 'Ponzi scheme'
He was accused of fraudulently extorting money from several people and laundering it.
The case of former MP Alhan Fahmy, who allegedly ran a Ponzi scheme by extorting huge sums of money from people in the name of forex trade, is in the process of being forwarded to the Prosecutor General's (PG) Office for filing a chargesheet, police said on Sunday.
Alhan was summoned on May 17 and questioned for one-and-a-half hours in connection with the case. Since then, the police have not disclosed any details of the investigation.
"We are in the process of questioning and recording statements of those who need to be questioned in connection with the case," responding to a question from Atoll Times on the investigation, a police spokesperson said on Sunday.
"We are also in the process of sending the case to the PG for prosecution."
According to the summons sent to Alhan at the time asking him to appear before the police, he was accused of fraudulently extorting money from several people and laundering it.
Alhan denies the accusations.
In February, Maldives Monetary Authority (MMA) and other respective government agencies issued a warning against the financial scheme that was propagated by the former parliament member representing Addu Feydhoo constituency, promising great profits to thousands of his investors.
Police launched the criminal investigation for Alhan's King's Forex Trading scheme in March, enforcing a stop to the scheme. As a result, many of the people who invested in his Forex trading scheme started filing complaints with the police and the Capital Market Development Authority (CMDA) for investment recovery.
