PG Withdraws Charges Against King’s Capital After Investor Compensation
Kings Capital Managing Director Alhan Fahmy
The Prosecutor General’s Office has withdrawn 13 charges against King’s Capital Managing Director Alhan Fahmy and his brothers after investors affected by the company’s alleged fraudulent investment scheme were compensated.
The Prosecutor General’s Office confirmed that the charges were dropped after 13 individuals who had filed complaints were reimbursed. The Office said the decision followed the victims’ choice not to pursue the matter further once they had received their money back.
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ކިންގްސްއިން ހިންގި އިންވެސްޓްމެންޓް ސްކީމާ ގުޅިގެން ކުރި ދަޢުވާތަކުގައި ބަދަލުލިބެންޖެހޭ މީހުންނަށް ބަދަލު ދީފައިވާތީ ދަޢުވާތައް އިތުރަށް ކުރިއަށް ނުގެންދިއުމަށް ނިންމުން.
މި މައްސަލާގައި ބަދަލުލިބެންޖެހޭ އިތުރު މީހުންގެ ބައިތައް ދިވެހި ފުލުހުންގެ ޚިދުމަތުން ގެންދަނީ…— Prosecutor General’s Office (@PGO_MV) October 30, 2025
The charges were originally filed in the Criminal Court on 23 November 2023 against King’s Capital Holdings and its directors — Alhan Fahmy, a former parliamentarian, and his brothers Shazban Fahmy and Sahuban Fahmy. They were accused of running an unlicensed investment scheme, breaching Maldivian financial regulations, and laundering substantial sums of money under the pretext of trading and investor benefits.
King’s Capital Holdings reportedly collected over MVR 98 million from 1,864 investors, promising returns from forex and cryptocurrency trading. A police investigation found that more than MVR 65 million remained unpaid. Investigators also found that some of the funds were transferred to the personal accounts of company shareholders and used for personal expenses.
Although Alhan Fahmy had previously sought a review of the case, Prosecutor General Abbas Shareef initially decided to continue with the charges before later agreeing to withdraw them following compensation to the complainants.
The Prosecutor General’s Office said the Maldives Police Service is continuing investigations into other claims involving additional individuals who may still be eligible for compensation. It said further legal action would be taken once those cases are concluded and submitted for review.
