Prosecution Proceedings Initiated for Alhan and Brothers in Alleged Investment Scam

Law enforcement authorities have initiated prosecution proceedings against Alhan Fahmy, a former parliamentarian and current board member, on allegations of orchestrating an illicit investment scheme through King’s Capital Holdings.

The charges also include the accusation of extorting funds from multiple individuals.

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The Prosecutor General’s Office (PGO) has announced that a decision regarding the case is imminent. 

In addition to Alhan Fahmy, the police are seeking charges against his brothers, Shahban Fahmy and Shazban Fahmy, both of whom hold positions as board members at King’s Capital Holdings.

Currently under investigation, the trio faces accusations related to their alleged roles in the illegal investment scheme.

This development follows Alhan’s earlier implication in money laundering, which led to his summons to the police station and the subsequent confiscation of his passport. Law enforcement conducted raids at various locations associated with him as part of their ongoing investigation.

The controversy surrounding the King’s Capital Scheme gained traction when investors sought to recover their funds. 

The Maldives Monetary Authority (MMA) has declared the scheme to exhibit characteristics of a Ponzi scheme, stressing the prohibition of such operations without proper authorization.

Investors, enticed by promises of doubling or tripling their investments within a specified timeframe, now find themselves contending with the repercussions of a scheme gone awry.