Ponzi scheme: No revision of charges against Alhan and brothers

Prosecutor General Abbas Shareef has decided to press charges, without any changes, against former MP Alhan Fahmy and two of his brothers, Shahuban Fahmy and Shazuban Fahmy for fraud and misrepresentation.

The trio, under their company King’s Capital Holdings Pvt Ltd, had promised large returns to investors through a scheme but allegedly laundered this money.

Maldives Police Service said its investigation revealed 13 individuals had suffered financial losses in the case. Alhan and his brothers face:

• Alhan Fahmy: 13 counts of misrepresentation resulting in fraud
• Shahuban Fahmy: 13 counts of misrepresentation resulting in fraud
• Shazuban Fahmy: 13 counts of misrepresentation resulting in fraud

The defendants requested a review of the charges while the Prosecutor General’s Office (PG Office) said it reviewed these charges.

The office said it had assessed the investigation, evidence and testimonies, and procedural conduct in its review of the charges against the defendants, and added the office did not find any credible reason to amend the charges.

The trio faces these charges for running a ponzi scheme through their family company, King’s Capital, from 2021 to 2022 with the promise of huge returns by investing in their forex trading plans.

The company collected large sums of money from several investors under the pretext of these trading packages, but had failed to make any returns on them as promised.

The company reportedly raised over MVR 98 million from various investors.