Ponzi scheme: Additional 15 days for Alhan and brothers to respond

The Criminal Court has given another 15 days' time to former MP Alhan Fahmy and his brothers, former Media Council president Shahban Fahmy and Shazban Fahmy, to respond to the fraud and misrepresentation charges they face.

The trio faces charges of fradulent money extortion and misrepresentation in running a ponzi scheme, that claimed big returns within a shorter timeframe.

The trial against the three began in May this year, while the preliminary hearing concluded after the court gave 15 days to them to appoint an attorney.

Thursday's hearing in the trial centered on defendents' response.

However, the trio's attorney, Ali Saeed said he was unclear about the case facts and charges of the defedents since he was appointed to represent them on Thursday morning.

The presiding judge in the case, Ismail Shafeeu had extended another 15 days after hearing the defense argument.

The Prosecutor General's Office (PG Office) earlier said that the three face money laundering, fraud, and misrepresentation charges for allegedly running the ponzi scheme.

Each of the three brothers faced 13 counts of misrepresentation.

The three are alleged to have run this scheme through their family venture, Kings Capital, from 2021 to 2022. The company allegedly ran the scheme under the pretext of a forex trading investment scheme.

Several investors had signed up for the scheme, believing it was legitimate, and invested close to MVR 98 million.

Additional aspects of the case are still under police investigation.