More than 50,000 Maldivians have fallen into the trap of GMCE (also known as GEMCUE), a pyramid scheme disguised as a USDT investment platform, now confirmed as illegal by both the Maldives Police Service and the Capital Market Development Authority (CMDA).

In a rare joint statement police and CMDA warned the public to immediately stop participating in GMCE, which falsely promises daily profits through so-called "USDT mining" and automated trading bots.

Authorities confirmed that the platform is not registered with any Maldivian regulatory body, nor is there any company by that name in the Maldives Business Registry.

Despite these red flags, GMCE has rapidly grown in popularity, drawing in tens of thousands of unsuspecting investors, including civil servants, MNDF officers, police personnel, and even parliamentarians.

Adhadhu has learned that some police officers have personally sunk over $30,000 into the scheme, while some parliamentarians are reportedly earning hundreds of dollars daily.

This comes amid investigations by international law enforcement agencies, which have confirmed that GMCE is actively deceiving investors. The scheme lacks any identifiable leadership, physical office, or transparency, recruiting participants primarily through WhatsApp and Telegram groups, with aggressive promotion on other social media platforms.

Critics say the scale of the scam points to deep regulatory failure, as thousands continued to invest even after the scheme came to the attention of authorities. The platform’s promise of "2% daily returns" has proven to be a textbook red flag for Ponzi and pyramid operations.

The incident raises urgent questions about the lack of public awareness, financial regulation, and accountability, particularly as many of the victims appear to come from state institutions themselves.