Charges against Alhan to clear BML credit card debts annulled

Charges pressed against former parliament member Alhan Fahmy for not making overdue payments two Bank of Maldives (BML) cards were overturned on Tuesday, after he paid them. These charges were pressed against him in 2021.

Allegations have been raised over the use of a public participation fund by a company owned by Alhan.

According to the lawsuit filed by BML at the Civil Court on August 8, 2021, Alhan did not pay for the cards; a Visa Platinum credit card and an American Express Gold credit card as per the agreement. However, the amount of money was not disclosed in the ruling.

BML's American Express Gold card will receive credit above MVR 22,000. The interest rate of the card is 2.65 percent per month. The Visa Platinum card credit has a limit between USD 5,000 to USD 24,000. The interest rate on this card is 2.5 percent.

BML has charged to obtain all payments and interest fines in connection with transactions together.

Civil Court had previously ordered Alhan to repay over MVR 100,000 owed to the bank after taking a loan of MVR 8.7 million along with his family members. This loan was taken after mortgaging their house.

The charges were overturned after the bank informed Civil Court on Monday that they received payments for the cards.

Alhan has been critical of the bank for withholding King Forex Trade's accounts after Maldives Monetary Authority (MMA) had informed the bank of suspicious activity.

Police have also advised not to participate in fund schemes like this and started an investigation on these funds.

Those involved in the fund are paid with profits by investing in forex trading, but some accuse the fund of paying participants from money invested by newer participants. Alhan denies that the money from the fund is spent on his own affairs.