Police summon ex-MP Alhan for investigation over money laundering

Maldives Police Service has summoned former Feydhoo MP Alhan Fahmy for investigation over money laundering in connection to alleged Ponzi scheme carried out by his company, King Forex Trading Company.

The summons sent to Alhan instructed him to appear before the authority at 8:00om on Tuesday night.

As per the document, he is being summoned for questioning and retrieving his statement in the investigation launched against Kings Capital Holdings Private Limited on suspicions of fraudulently obtaining money from investors and laundering it under the guise of a beneficial investment scheme introduced for the public in violation of laws, regulations and policies set down in the Maldives regarding financial security.

Alhan has previously denied all allegations against his company.

In this regard, he had also expressed intention of seeking compensation for the losses incurred by his company over allegations made by the central bank, Maldives Monetary Authority (MMA) against the company in a statement released back in March.

MMA’s statement did not specify any names. However, Alhan claimed that it was targeted towards his company.

Kings Capital Holdings Private Limited is represented by former judges, Mohamed Haleem and Ahmed Hailam, in connection to this case.

Haleem has stated that forex trading is not banned in the Maldives through any laws are regulations, therefore, being unable to say attribute it to a crime.

“There is no law or regulation stipulating that forex traders must have a fund registered,” he added.

Underscoring that cryptocurrency is not accepted by MMA, Haleem said this negates any requirement to obtain permits from the central bank. He also described MMA’s statement against the company as legally baseless.

Meanwhile, Hailam said that the company needs not be registered with the Capital Market Development Authority (CMDA).

“This is not done in a manner that a fund is raised by selling the company’s shares or securities to another party,” he had said.

Alhan also denies all allegations of running a Ponzi scheme. He said that investors are paid profits from monies directly earned by investing their money.

“Under no circumstances is this being done by using money taken from one person to pay back another,” he had

MMA’s statement said that individuals running such schemes take money of the public and utilize it for personal use instead of actually investing it. Therefore, they branded such schemes as unreliable.