GEMCUE investors unable to withdraw funds as scheme collapses, new scheme emerges

Thousands of Maldivians who invested in the GEMCUE or GMCE investment scheme have been unable to withdraw their money, sparking widespread concern as the unregistered platform appears to have collapsed.

A new scheme, "Quantpane", has since emerged, prompting further warnings from authorities.

The police confirmed last week that GEMCUE was operating as a pyramid scheme without registration from the Capital Market Development Authority (CMDA), and that legal action would be taken against those promoting it.

More than 50,000 people are believed to have deposited money into GEMCUE. However, the scheme suddenly stopped allowing withdrawals last Wednesday night. Members of the platform’s Telegram group reported that withdrawals were no longer possible, and the scheme’s marketing team had become unreachable.

Amid growing panic, a link to invest in a new scheme named Quantpane was shared in the same Telegram group. It is unclear whether the new scheme is connected to the operators of GEMCUE.

One user posted, "The scheme is a tragedy for those who invested and got nothing in return. Another scheme has now been launched without repaying the previous investors. Everyone should be cautious."

Another wrote, “Congratulations to those who made a profit. For those who lost, it’s a hard lesson.”

Several users have since left the group, while others continue to express anger and frustration over their losses.

Police said they have identified seven individuals involved in promoting GEMCUE, but their names have not been disclosed as investigations are ongoing.

Inspector of Police Adam Naveed, from the Anti-Scam Department, told Mihaaru News that GEMCUE was first identified in Maldives. The police shared intelligence with Interpol to determine if similar schemes existed in other countries, but no reports of GEMCUE’s operations was found abroad.

Police have urged the public to exercise caution when investing in unregistered or suspicious schemes and to report any concerns to the authorities.