Police have launched a criminal investigation into investment fund led by former MP Alhan Fahmy.
Without disclosing the name of the company, the police said in a statement that a Maldivian company had been flagged by authorities for conducting transactions similar to a Ponzi scheme. This scheme is believed to undermine the financial conditions of many parties.
The statement said that inquiry into the case revealed aspects that require further criminal investigation.
The police have urged the public to be critical of market risk sand to gather technical information before investing in schemes.
“We request that money should be invested in trusted individuals who are registered in accordance with the relevant legal frameworks and have a license or adequate permission. Otherwise, such actions could cause financial losses,” the statement said.
As suspicious activity has been detected in King Forex Trading fund, Bank of Maldives (BML) has closed the accounts under Alhan’s company.
Maldives Monetary Authority (MMA) has previously stated that King’s Forex Trade has circulated over MVR 30…