Parliament committee to probe pyramid schemes, gambling platforms and online scams

Parliament’s Information and Communication Committee has decided to investigate pyramid schemes, online gambling platforms, and other scams on social media, following increasing reports of large-scale financial fraud in Maldives.

The proposal was proposed by Hithadhoo MP Mohamed Shiruhan, who raised concern over the growing number of pyramid schemes operating through various apps and platforms, duping thousands of people across the country.

He called for relevant agencies to be summoned to the committee to provide insight and accountability.

“These pyramid schemes are structured to defraud people. It is critical that we investigate how they are allowed to operate,” Shiruhan said during the meeting.

Henveiru South MP Hussain Imran Latheef said that the probe should extend beyond pyramid schemes to include all forms of scams prevalent on social media, particularly gambling platforms that deposit funds into Maldivian bank accounts.

“Money from gambling sites is being funneled through Maldivian Bank accounts. I have been told that BML has begun blocking such transactions,” MP Imran added.

The committee has now decided to meet with the relevant institutions to further investigate these matters.

The decision comes amid the fallout of the now-defunct GMCE (GEMCUE) investment scheme, which police recently confirmed was an unregistered pyramid scheme. More than 50,000 individuals were reportedly involved, many of whom are now unable to access their funds after withdrawals were suddenly suspended last week.