Malé, Maldives – The Financial Intelligence Unit (FIU) of the Maldives central bank, Maldives Monetary Authority (MMA), filed an official police case against former parliamentarian Alhan Fahmy for the alleged Ponzi Scheme according to local news reports.
Police have confirmed in a statement that an investigation has been launched against a company conducting a Ponzi Scheme without revealing the name of said company.
Earlier this month, MMA and the Capital Market Development Authority (CMDA), cautioned the public against Ponzi schemes and fraud without naming any specific entity. On the same day, Bank of Maldives froze the accounts of Alhan Fahmy’s company King’s Forex Trading.
At present, there are 1,600 clients of King’s Forex Trading with approximately MVR 70 million invested.
Alhan Fahmy has decided to sue MMA over the loss his company incurred due to the Ponzi Scheme allegations. Fahmy’s lawyers state that as the Maldivian legislations and regulations do not specifically criminalise forex trading, it cannot be deemed illegal.
