Authorities Warn Public Against GMCE Pyramid Scheme
The Maldives Police Service and the Capital Market Development Authority (CMDA) have issued a joint warning to the public regarding an investment scheme operating under the names GMCE or GEMCUE, which they have identified as a pyramid scheme.
The scheme is promoted through a web application called GEMCUE, which is not registered with the CMDA and does not comply with the country’s legal framework. Investigations conducted in cooperation with foreign authorities have confirmed the fraudulent nature of the scheme.
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ޖީ.އެމް.ސީ.އީ ނުވަތަ ޖެމްކިއު އިންވެސްޓްމަންޓް ސްކީމާ ގުޅޭގޮތުން ކެޕިޓަލް މާކެޓް ޑިވެލޮޕްމަންޓް އޮތޯރިޓީ އާއި ދިވެހި ފުލުހުންގެ ޚިދުމަތުން ގުޅިގެން ނެރޭ ނޫސް ބަޔާންhttps://t.co/EvAuyZnoAh pic.twitter.com/nsL3yoK58R— Maldives Police (@PoliceMv) June 15, 2025
Despite claims by the organisers that the scheme uses artificial intelligence for crypto grid trading, authorities have clarified that it does not involve any genuine investment activity and is structured as a pyramid model.
The statement emphasised that participating in or promoting such schemes may amount to a criminal offence under Article 319 of the Penal Code, which prohibits the selling of rights to join pyramid schemes.
Both the CMDA and the Maldives Police Service have urged the public to refrain from investing in or promoting these schemes. Investigations are ongoing with international assistance, and authorities have warned that legal action will be taken against those involved in operating, promoting, or recruiting participants for the scheme.
