Police seize ex-MP Alhan’s phone under court order

Police have seized former Feydhoo MP Alhan Fahmy’s phone under a court order.

As per the Police, Alhan is suspected of carrying out a Ponzi scheme through his company, King Capital Holdings.

Alhan was previously summoned by the Police to be questioned in an investigation into money laundering in connection to alleged Ponzi scheme carried out by his company.

Police said that he was 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.

While Alhan’s phone has been seized by the police at present – officers entered the office of King Capital Holdings out of blue. The court order for the search and seizure said that King Capital Holdings launched a public Ponzi scheme in violation of Maldives’ Financial Securities Act. The court order also mentioned evidence of investors benefitting through the Ponzi scheme.

The reason for the court order, as stated, was to seize all items related to ‘Kind Forex’ run by the company, including details of transactions with investors, in order to obtain evidence.

Another reason cited in the court order was for seize of all items providing information regarding digital currency used on online platforms.

The location of search and seizure as per the court order was all places linked to Kings Trading and Supply Limited.

Alhan has previously denied all allegations against his company. He said that investors are paid profits from monies directly earned by investing their money.