Compensation ordered for Ponzi scheme victims

Dec 26, 2023, 7:21 AM
Alhan Fahmy

Alhan Fahmy

The Civil Court on Monday ordered former MP Alhan Fahmy to pay more than MVR 700,000 to three people who invested in King’s Capital’s Ponzi scheme.

Alhan was ordered to reimburse their investment along with profits and legal expenses. A total payment of MVR 715,250 was ordered in three cases that were heard separately.

Shahudha Naseer, Haa Alif Hoarafushi

The court ordered a total payment of MVR 557,750 for Shahudha, including MVR 485,500 as her investment and profit and MVR 72,750 as legal costs.

Mariyam Zana Mohamed, Lhaviyani Hinnavaru

Zana invested MVR 50,000 in King’s Capital. The Civil Court ordered reimbursement along with MVR 7,500 spent on legal fees. The payment was ordered to be made within 15 days.

Aminath Rishfa, Kaafu Thulusdhoo

Rishfa invested MVR 25,000. The Civil Court ordered King’s Capital to reimburse her investment along with MVR 75,000 owed as profits within 15 days.

In all three cases, judgments were delivered in absentia as King’s Capital did not appear in court.

Alhan and his brothers Shahuban Fahmy and Shazuban Fahmy are accused of promising financial gains through various packages of the investment scheme carried out by their family company King's Capital in 2021 and 2022. The company allegedly collected money from members of the public and embezzled the funds without investing 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 Prosecutor General’s office said.

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