Charges raised against Alhan and brothers over alleged Ponzi scheme

Nov 26, 2023, 8:01 AM
Alhan speaking at King's Holding press conference. -- Photo: Saeed/ Adhadhu

Alhan speaking at King's Holding press conference. -- Photo: Saeed/ Adhadhu

Charges have been filed at the Criminal Court against former MP Alhan Fahmy and his two brothers, Shazuban Fahmy and former Media Council President Shahuban Fahmy, over an alleged Ponzi scheme.

The charges were raised in relation to 13 victims who faced losses over alleged money laundering by King's Capital Holding Pvt Ltd, the Prosecutor General's (PG) office said.

Scores of people invested more than MVR 98 million in an investment scheme introduced by King's Capital and opened to the public with the promise of returns from online trading.

The charges were raised last week after investigating cases involving 13 investors.

A total of 39 charges were raised against Alhan, Shahuban and Shazuban with 13 counts of theft by deception against each of them under section 212(a) of the penal code.

Alhan, Shahuban and Shazuban are accused of promising financial gains through various packages of the investment scheme carried out by their family company King's in 2021 and 2022, collecting funds from members of the public, and embezzling the funds without utilizing it as agreed upon.

Cases involving other victims of the alleged scam are under investigation by the police. A decision on raising further charges will be made after the cases are completed and forwarded, the PG office said.

Comments

Read More

Latest News

Fire spread while working to locate the source: Police

Police report that a fire at three government ministries spread rapidly while authorities were searching for its source and evacuating the building. CCTV footage shows the blaze was reported early in the morning, with no unauthorized entry detected. Investigations continue two years after the incident to clarify the timeline of events.

Eagles Hills will not pay acquisition cost or rent for 99 years

The Maldives government granted 500 hectares of land to UAE-based Eagle Hills for the Rasmalé project without acquisition fees or rent for 99 years. Minister Muththalib stated the move prioritizes long-term revenue from taxes and profit-sharing over one-time payments. The $12 billion project aims to attract one million tourists annually.

Court halts repossession of land allocated to Zahid

The Civil Court has halted the government's attempt to repossess a Hulhumalé land plot allocated to former Elections Commission chief Mohamed Zahid. The injunction prevents the Housing Ministry from reassigning the land until a final verdict is reached. Zahid is suing to overturn the cancellation, which was based on his non-native status.

$500 million Indian credit line activates for projects

The RBI has activated a $500 million credit line from India to the Maldives to fund various development projects. The agreement requires that 75% of goods and services be sourced from Indian suppliers. This facility, finalized during President Muizzu’s visit, aims to boost infrastructure and bilateral cooperation.

Coast Guard rescues foreign national who jumped from bridge

The Coast Guard rescued a foreign man who jumped from the Sinamalé Bridge early Monday morning. Divers located the individual clinging to a bridge pillar before handing him over to the police for investigation. He was not in critical condition, and authorities are looking into the circumstances of the incident.

Muizzu invites Saudi businesses to expand investments in Maldives

President Muizzu has invited Saudi Arabian businesses to expand their investments in the Maldives to support the nation's goal of becoming fully developed by 2040. He emphasized a shift toward a proactive trade partnership, offering opportunities in sectors like tourism, infrastructure, and renewable energy through a strengthened investment climate.

Unlicensed driver arrested after motorcycle accident

A 21-year-old unlicensed driver was arrested and remanded for 15 days following a two-motorcycle collision in Malé. Three people were injured, including a woman who remains in serious condition. This incident adds to the 2,222 accidents reported in the Maldives so far this year.

Newsletter

Get the latest news delivered straight to your inbox