Over 50,000 Maldivian involved in GMCE scheme

More than 50,000 Maldivians are reportedly involved in the GMCE or Gemcue investment scheme.

According to Mihaaru News, the scheme has attracted a significant following in Maldives over the past year since its operation.

Participants include individuals from various sectors including resort workers, police officers, military personnel, and even some Members of Parliament. Many have been depositing US dollars into the scheme, and some claim to have made millions through their investments.

However, both Maldives Police Service and the Capital Market Development Authority (CMDA) issued a joint statement last night warning the public that GMCE is a pyramid scheme. The scheme is not registered with CMDA and is not authorized to operate in Maldives.

Authorities stated that legal action would be taken not only against those who run and promote the scheme, but also against individuals who participate in it.

GMCE scheme has been widely promoted through a dedicated Telegram group targeting Maldivians, with over 50,000 users reportedly involved. The group is used to circulate updates and encourage participation.

Authorities say that no investment scheme involving such technologies can legally operate in the Maldives without proper authorization from CMDA. The public is urged to stay away from such schemes and verify legitimacy before investing, as participation could result in financial loss and legal consequences.

The statement also cautioned the public against being misled by investment platforms that use technical-sounding terms like "artificial intelligence" without offering transparency or legitimacy.

Authorities urged people to conduct thorough research before making financial commitments, noting that many individuals have already suffered significant losses by participating in fraudulent investment programs.