MMA alerts people of possible fraudulent money laundering schemes


Maldives Monetary Authority (MMA) has expressed concerns about investment schemes carried out in social media platforms that possibly might be a scam and asked the public to be cautious and alert.

MMA said that the money taken from the public is used by the operators of such schemes for their own purposes instead of investing in them. The central bank said that the money will be disbursed to the participants only during the early days, which is why the schemes cannot be sustained. “As soon as the scheme is broken, most of the people who participated in the scheme and paid for it will face huge financial losses without the money they paid.” MMA said.

Caught in the middle of this, Former MP Alhan Fahmy, the head of the company 𝖪𝗂𝗇𝗀’𝗌 𝖢𝖺𝗉𝗂𝗍𝖺𝗅 𝖧𝗈𝗅𝖽𝗂𝗇𝗀𝗌 𝖯𝗏𝗍. 𝖫𝗍𝖽, has expressed his displeasure over the freezing of the bank accounts of the company, which operates a scheme through media outlets such as Facebook and Telegram, to collect money from the public.

Bank of Maldives (BML) has frozen kings’ accounts.

When Kings’ bank account got frozen, Alhan tweeted that the Maldivian state’s financial system and banking system need to be reformed. Zamani should also be allowed to do business, he said.

Alhan, who tagged President Solih and Former President Mohamed Nasheed, urged state institutions not to obstruct issues for the benefit of the people instead of obstructing them legally.

MMA further stated that if the money given to the scheme is not returned by the scheme, it will not be returned to the bank where the money was deposited which might lead to great financial loss of the investors.

MMA urged the public to be vigilant of such schemes and not to participate in them.