The police searched former MP and board member of Kings Capital Holdings Alhan Fahmy's office on Thursday.
Alhan has been accused of money laundering as he allegedly created an illegal investment scheme and collected funds from a number of people for this scheme. A criminal investigation is being carried out against him now.
He was summoned to the police station in May 2022 for interrogation relating to this case. The police have sent this case to the Prosecutor General's Office (PGO) for prosecution as well.
Regarding the recent search, police said they have searched his office and his residence in connection to an ongoing investigation.
Mihaaru News reported the search was due to the investigation carried out in relation to the money laundering charge. His mobile phone has been seized under the same court order.
Investors tried to recover the money they invested when the King's Capital scheme run by Alhan became a problem nine months ago. The scheme became an issue when the Maldives Monetary Authority (MMA) announced that it had all the characteristics of a Ponzi scheme and that such funds would not be allowed to function without obtaining permission.
At that time, many people had invested in the scheme. They invested the money with the assurance given by the company that the invested money would double and triple within a certain period of time.
However, none of the money has been recovered by anyone so far.
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