Maldives Media Council (MMC)'s President Shahubaan Fahmy's alleged money laundering case has been submitted to Parliment Committee on Independent Institutions for probe.

Speaking to 'One', Vilimale' Constituency MP Ali Usham who submitted the case to the Parliament Committee on Sunday stated that Shahubaan should be investigated over the allegations and that he was no longer fit for his post as president of MMC.

MP Usham added that money laundering is a serious allegation, and that he no longer satisfies the criteria for the post.

Shahubaan was called in for questioning by Maldives Police Services on Wednesday over the Ponzi scheme by Kings Capital Holdings.

Shahubaan and his brother, former MP Alhan Fahmy, are both under investigation over money landering allegations under the guise of an investment scheme.

Capital Market Development Authority (CMDA) has asked the public to come forward if they have suffered financial losses due to this scheme.

Maldives Monetary Authority (MMA), was the first institution to publicly address this as a Ponzi scheme and spread awareness among public.