On Monday, the police initiated proceedings for the prosecution of Alhan Fahmy, a board member and former parliamentarian, on charges of orchestrating an illicit investment scheme through King's Capital Holdings and extorting funds from multiple individuals.
The Prosecutor General's Office announced that a decision regarding the case would be imminent. Alongside Alhan, the police are also seeking charges against his brothers, Shahban Fahmy and Shazban Fahmy, all of whom serve as board members at King's Capital Holdings.
The trio, currently under investigation, faces accusations related to their roles in the alleged illegal investment scheme.
Previously, Alhan was implicated in money laundering, leading to his summons to the police station and the confiscation of his passport. Raids were conducted at various locations associated with him.
The controversy surrounding the King's Capital Scheme led by Alhan arose when investors sought to recover their funds. The Maldives Monetary Authority (MMA) declared it to possess characteristics of a Ponzi scheme, prohibiting such operations without proper authorization.
Investors, enticed by promises of doubling or tripling their investments within a specified timeframe, now find themselves grappling with the repercussions of a scheme gone awry.
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