Former MP Alhan Fahmy Ordered to Pay Over MVR 1 Million to Victims of Ponzi Scheme

The Civil Court ordered former MP Alhan Fahmy to pay over MVR 1 million to two investors in a Ponzi scheme led by him. The amount includes investments and expected profits. Two cases were filed against Kings Capital Holdings, where Alhan Fahmy and his brothers Shazban and Shahuban are main shareholders. One plaintiff sued for MVR 258,750 (MVR 50,000 invested, MVR 225,000 profits, MVR 33,750 costs); another for MVR 897,000 (MVR 200,000 invested, MVR 580,000 profits, MVR 117,000 costs). The court ordered payment by 7 March. The scheme came to light when the Maldives Monetary Authority (MMA) detected it via social media, leading Bank of Maldives (BML) to freeze Kings Capital's account on 14 March 2023. Police investigated based on MMA's Financial Intelligence Unit findings. The account was later unfrozen, allowing the scheme to resume until halted again. Earlier court orders had paid other victims. Alhan Fahmy maintains he did nothing illegal.

The Civil Court ordered former MP Alhan Fahmy to pay over MVR 1 million to two investors in a Ponzi scheme led by him. The amount includes investments and expected profits. Two cases were filed against Kings Capital Holdings, where Alhan Fahmy and his brothers Shazban and Shahuban are main shareholders. One plaintiff sued for MVR 258,750 (MVR 50,000 invested, MVR 225,000 profits, MVR 33,750 costs); another for MVR 897,000 (MVR 200,000 invested, MVR 580,000 profits, MVR 117,000 costs). The court ordered payment by 7 March. The scheme came to light when the Maldives Monetary Authority (MMA) detected it via social media, leading Bank of Maldives (BML) to freeze Kings Capital's account on 14 March 2023. Police investigated based on MMA's Financial Intelligence Unit findings. The account was later unfrozen, allowing the scheme to resume until halted again. Earlier court orders had paid other victims. Alhan Fahmy maintains he did nothing illegal.

The Civil Court ordered former MP Alhan Fahmy to pay over MVR 1 million to two investors in a Ponzi scheme led by him. The amount includes investments and expected profits. Two cases were filed against Kings Capital Holdings, where Alhan Fahmy and his brothers Shazban and Shahuban are main shareholders. One plaintiff sued for MVR 258,750 (MVR 50,000 invested, MVR 225,000 profits, MVR 33,750 costs); another for MVR 897,000 (MVR 200,000 invested, MVR 580,000 profits, MVR 117,000 costs). The court ordered payment by 7 March. The scheme came to light when the Maldives Monetary Authority (MMA) detected it via social media, leading Bank of Maldives (BML) to freeze Kings Capital's account on 14 March 2023. Police investigated based on MMA's Financial Intelligence Unit findings. The account was later unfrozen, allowing the scheme to resume until halted again. Earlier court orders had paid other victims. Alhan Fahmy maintains he did nothing illegal.

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