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CMDA urges victims of unregistered investment schemes to come forward

Lamya Abdulla
18 March 2023, MVT 11:27
(FILE) A person holding Maldivian Rufiyaa on February 11, 2021-- Photo: Ahmed Awshan Ilyas / Mihaaru
Lamya Abdulla
18 March 2023, MVT 11:27

The Capital Market Development Authority (CMDA) has asked people to lodge a complaint if they have suffered losses by participating in investment schemes that are not registered with the CMDA.

In a statement released on Thursday, CMDA reiterated their previous announcement that it was not legal to carry out transactions outlined in the financial security transactions without the required permit. They asked anyone that had suffered any damages by such a scheme to lodge a complaint before March 30.

According to the statement, the authority is already looking into such complaints.

The statement elaborated that "securities" encompass investments and all other financial activities. They said that it is their duty to prevent any breach of trust or adverse events in such transactions.

Meanwhile, the police are also looking into a scheme in which a business affiliated with former Feydhoo MP Alhan Fahmy collected money from numerous people and invested it.

Since then, the company has once again launched a new scheme.

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