As the investment scheme run under the name of GMCE or GemQ was revealed to be a scam, they have now started promoting a new pyramid scheme called “Quant Pain”. After defrauding thousands of people, when the pyramid scheme GemQ or GMC, which had many investors in the Maldives, was stopped, there were over 50,000 people who had invested in the scheme in the Telegram channel. It has been revealed that a new scheme is being promoted through that channel. They are claiming that investing will yield returns along with profits.
A fake letter, claimed to be from the US Department of Treasury, was posted in the Telegram group where scheme participants are, preventing money from being withdrawn. However, it was later revealed to be a fake letter. Yesterday, as GemQ’s mobile application also stopped working, they began promoting a platform called “Quant Pain” in the Telegram channel. According to information received, this scheme is also being run by those who were at the forefront of promoting GemQ.
In messages sent to the Telegram group today, GemQ promoters said they still haven’t received the response they should get from GemQ, and there are also questions about whether that platform will run again. They said they haven’t received a response from GemQ’s marketing department, and there’s no hope that the scheme will continue. While Maldives Police revealed two days ago that there are seven key figures involved in the GemQ scam, the police have stated that these seven people are those who joined at the beginning of the scheme and later became senior. Although the police decided to investigate and take action against these individuals, they said they currently have no intention of taking strict measures against ordinary participants in the scheme.
Over 50,000 Maldivians have “invested” in this scheme. Even as the scheme came to the attention of authorities, more than 25,000 Maldivians continued to put money into it. The police statement said that through work done in collaboration with foreign investigative agencies, it has been found so far that those running GemQ have been deceiving investors. As they begin to promote a new scheme, authorities urge the public to be cautious about such pyramid schemes.
