The Civil Court on Wednesday ordered former MP Alhan Fahmy and his brothers, along with Kings Capital Holdings, to pay over MVR 1 million to two investors in a Ponzi scheme, with payment due before 7 March. The scheme came to light through the Maldives Monetary Authority, leading to a police criminal investigation and earlier court orders totalling more than MVR 700,000 to other victims.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
This led to Bank of Maldives (BML) freezing Kings Capital Holdings’ account, in light of the information from MMA, with the police, on 14 March 2023, undertaking a criminal investigation based on several findings by the MMA’s Financial Intelligence Unit (FIU).
Word for word from the report in Maldives Republic. Open the report
with the police, on 14 March 2023, undertaking a criminal investigation based on several findings by the MMA’s Financial Intelligence Unit (FIU).
Word for word from the report in Maldives Republic. Open the report
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
The Civil Court on Wednesday ordered former Member of Parliament (MP) Alhan Fahmy to pay over MVR 1 million to two investors in a Ponzi scheme led by the former MP.
Word for word from the report in Maldives Republic. Open the report
one plaintiff sued for recovery of MVR 258,750 — MVR 50,000 invested in the scheme, MVR 225,000 in profits and MVR 33,750 in litigation costs.
Word for word from the report in Maldives Republic. Open the report
Another had sued for MVR 897,000 — MVR 200,000 invested in the scheme, MVR 580,000 in profits and MVR 117,000 in litigation costs.
Word for word from the report in Maldives Republic. Open the report
The Civil Court had earlier, in May and December last year, ordered one victim of the scheme be paid MVR 90,000 and another three be paid more than MVR 700,000.
Word for word from the report in Maldives Republic. Open the report
The Civil Court had earlier, in May and December last year, ordered one victim of the scheme be paid MVR 90,000 and another three be paid more than MVR 700,000.
Word for word from the report in Maldives Republic. Open the report
