Malé, Maldives – The Bank of Maldives (BML) accounts of former Member of Parliament for Feydhoo constituency Alhan Fahmy’s company King’s Forex Trading has been frozen with serious allegations of Ponzi scheming against them.
The company released a statement on its Telegram group stating that no specific reason has been given as to why BML froze the accounts and that all payments due until today have been cleared.
The statement also stated that the company will be taking BML to court to obtain compensation for the loss incurred by the company during this time.
On Thusday evening, Maldives Monetary Authority (MMA) released a statement cautioning the public against a Ponzi scheme, however, without the mention of any specific business entity as the alleged culprit.
However, King’s Forex Company took to Twitter confirming that the statement was regarding them and said that, “This company condemns the unprofessional statement released by Maldives Monetary Authority aimed indirectly at us which was [phrased in a way that] destroyed the goodwill, faith and good name of this company.”
In addition to MMA, a similar statement was released by Capital Market Development Authority (CMDA), warning the public against on going fraud schemes.