The Civil Court has ordered King’s Capital Company and its shareholders, Alhan Fahmy and his brother Shahbaan Fahmy, to pay MVR 587,466. This ruling was issued in favor of a party who sued after participating in a scheme run by the company, alleging they did not receive their invested funds and due profits. The verdict was issued in absentia as the defendants failed to appear in court.
Previously, a criminal investigation was conducted against Alhan and the directors of King’s Capital in connection with the company, leading to 13 charges of money laundering and deception being filed with the Criminal Court. However, the Prosecutor General’s Office withdrew these charges after the affected parties stated they had received compensation and no longer wished to pursue the case.
According to the police investigation, King’s Capital Holdings collected over MVR 98 million from 1,864 individuals under the guise of online trading. Of this amount, more than MVR 65 million remains unpaid. The investigation also revealed that some of these funds were used for cryptocurrency transactions, while others were deposited into the personal accounts of the company’s shareholders and used for their personal expenses.
