Alhan’s Kings Capital Holdings' account closed, funds returned

Alhan Fahmy. (File Photo/PSM)

Kings Capital Holdings’ bank account with the Bank of Maldives (BML) has been closed and the funds in the account returned to the company.

Former Feydhoo MP Alhan Fahmy, who owns Kings Capital Holdings, confirmed it in a tweet on Thursday.

An official from Kings Capital Holdings, who spoke on condition of anonymity, told Sun that the company had asked to have the account close even before it filed a lawsuit seeking to unfreeze the account.

The official said that following the closure of the account on Thursday, the funds in the account was transferred to a different account in accordance with standard protocol.

The company provided assurance investors would be returned their funds.

The bank froze King Capital Holdings’ account on March 10, following warnings by Maldives Monetary Authority (MMA) and Capital Market Development Authority that the company was running a Ponzi scheme.

Soon after the warning, police announced they were conducting an investigation into a fraud case involving online trading.