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.
