Court issues no-fly order on former MP Alhan Fahmy
Authorities have issued a no-fly order on former MP Alhan Fahmy, due to an ongoing investigation conducted by the Maldives Police Service.
Police on Saturday, August 26, said that they sought a no-fly order for the former MP through the court. However, no further details were disclosed.
The MP&#;s no-flying order comes amid an ongoing criminal investigation against the shareholders of Kings Capital, of which Alhan as a shareholder. Alhan and the shareholders are under suspicion for allegedly operating a pyramid scheme, on the pretext of Forex trading.
Earlier in , the Civil Court ordered Kings Capital to pay MVR 90, in compensation to one of the investors.
According to police reports, Alhan is said to have acquired a sum exceeding MVR 98 million through his company, involving a total of 1, investors in the scheme. However, as per Maldivian law, options trading and betting are culpable criminal offenses, due to which his company was instructed to cease its operations. Alhan, however, has reportedly not repaid the funds owed to nearly 2, investors.
Alhan and Kings Capital were compelled to terminate their scheme nearly one a
Accused in Kings ponzi scheme face individual charges for each victim: PGO
The Prosecutor General's Office (PGO) has revealed that three individuals accused of orchestrating a Ponzi scheme, which deceived numerous individuals under the guise of forex trading, will face separate charges for each individual that suffered losses due to the fraudulent activity.
The PGO filed a case against three shareholders of Kings Capital Holdings Private Limited at the Criminal Court on November 23, presenting a total of 13 charges against them. The charges specifically relate to the 13 victims that were affected by the Ponzi scheme.
During a press conference, Prosecutor General (PG) Hussain Shameem revealed that additional individuals have initiated legal action against the perpetrators of the Ponzi scheme. He stated that there are more victims impacted by the scam, and the Maldives Police Service (MPS) is gathering evidence from the individuals. He also said that more victims are expected to be included in legal proceedings as the MPS compiles evidence and forwards it to the prosecutor.
Parliamentarian Alhan Fahmy, who founded Kings Capital Holdings, is at the centre of the allegati
Alhan and two brothers charged with defraud
The State has applied to the Criminal Court to file multiple charges against Managing Director of Kings Capital Holdings Alhan Fahmy and two of his brothers for running an illegal investment scheme and defrauding a large number of individuals.
Police ran a criminal investigation in to the case of the company conducting an unlawful investment scheme through which they swindled money out of several people. The case was sent to the Prosecutor General&#;s Office (PGO) last week.
The PGO said that they have filed charges in the case against Alhan Fahmy and his two brothers, Shazban Fahmy and Shahuban Fahmy. Each of them have 13 charges of defrauding against them.
The PGO also revealed that the police are still continuing investigations into different aspects of the case. The PGO will decide upon raises charges in these matters later on as the investigations reach completion.
In relation to the case, the bank accounts of the company have been frozen. However, Court Court ruled last year that the freezing of accounts was against the law.
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