Police has stated that they are in the process of forwarding the Ponzi scheme issue to Prosecutor General (PG)'s office to file a chargesheet against former MP Alhan Fahmy.

Kings Capital Holdings was probed on the suspicions of fraudulently obtaining investments in violation of laws, regulations, and policies regarding financial security in the Maldives. Alhan was summoned to Police on 18 May 2022 for questioning over money laundering accusations under a Ponzi scheme posed as an investment scheme.

Alhan's brother, and former president of Maldives Media Council (MMC), Shahuban Fahmy and former chief judge of Criminal Court, Ahmed Hailam were also summoned for questioning regarding the case.

Police media official told 'One' on Sunday that investigation is still ongoing.

"The investigation is ongoing and we are preparing to send documentation to PG Office," the official said.

The scheme by Kings Capital was referred to as a Ponzi scheme, and Central Bank MMA also released a statement about such schemes on 11 May 2022.