Authorities have issued a no-fly order on former MP Alhan Fahmy, due to an ongoing investigation conducted by the Maldives Police Service.
Police on Saturday, August 26, said that they sought a no-fly order for the former MP through the court. However, no further details were disclosed.
The MP's no-flying order comes amid an ongoing criminal investigation against the shareholders of Kings Capital, of which Alhan as a shareholder. Alhan and the shareholders are under suspicion for allegedly operating a pyramid scheme, on the pretext of Forex trading.
Earlier in 2022, the Civil Court ordered Kings Capital to pay MVR 90,000 in compensation to one of the investors.
According to police reports, Alhan is said to have acquired a sum exceeding MVR 98 million through his company, involving a total of 1,864 investors in the scheme. However, as per Maldivian law, options trading and betting are culpable criminal offenses, due to which his company was instructed to cease its operations. Alhan, however, has reportedly not repaid the funds owed to nearly 2,000 investors.
Alhan and Kings Capital were compelled to terminate their scheme nearly one and a half years ago. Prior to this, Alhan said that he received numerous threats from investors.
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