Alhan Fahmy launches new investment scheme despite facing prosecution

Kings Capital Holdings Managing Director Alhan Fahmy has launched a new investment scheme, despite ongoing legal proceedings against him and two of his brothers for operating an unregistered investment platform and collecting funds from the public.

Prosecutor General’s Office has filed 13 charges related to tax and financial misconduct against Alhan and his brothers, Shahban Fahmy and Shazban Fahmy.

The charges stem from a previous investment scheme that allegedly defrauded investors. The trio filed a motion to dismiss the charges, but the court ruled last month that the prosecution can proceed.

Despite this, Alhan introduced a new scheme in 2023 under the name “copy trading” and has now announced another scheme via a press release issued on Sunday.

His previous scheme, operated under Kings Capital Holdings, is accused of collecting approximately MVR 65 million from the public, much of which remains unpaid. However, Alhan maintains that the business was legitimate and not a Ponzi scheme.

He said the investment model was based on written agreements and profits generated through online trading using investor funds, claiming this was fundamentally different from a Ponzi scheme.

“In my experience, it is possible to make a profit of between 5 percent and 10 percent per day in online trading,” Alhan stated.

He also said the company filed a lawsuit against Bank of Maldives (BML) after the bank froze its accounts without justification. Civil Court later ruled that the freezing of the accounts was unlawful, and the funds were released.

Alhan further criticized the charges filed against him and his brothers, arguing it was unjust to prosecute them based on statements from only 13 individuals when the scheme had involved around 1,800 people.

He insisted that the company had been regularly paying investors until operations were suspended, and said he remained open to working with those interested in trading cryptocurrencies.

“I intend to open the opportunity for those who want to trade cryptocurrency online with me again,” he said.

According to Alhan, the new scheme involves a minimum deposit of 200 USDT and offers a daily return of between 1.5 and 3 percent. He acknowledged that, like any trading activity, there was some risk of financial loss.

The criminal investigation into the previous investment scheme is ongoing, and authorities are preparing to send the case to court.