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 allegations. The three shareholders, including Alhan, stand accused of money laundering and introducing a fraudulent investment scheme to the public, targeting numerous Maldivian citizens. The other two shareholders identified as Shazban Fahmy and Shahuban Fahmy, brothers of Alhan Fahmy, also face 13 charges each related to fraud. A total of 39 charges have been filed in connection with the case.
The PGO clarified that the charges against Kings Capital Holdings revolve around the company extracting varying sums of money from the public by falsely promising financial benefits through different investment packages offered by Kings Forex Trading. The scheme operated publicly in 2021 and 2022, accumulating over USD6.3 million in investments.