{"id":6767,"date":"2023-08-27T13:45:00","date_gmt":"2023-08-27T08:45:00","guid":{"rendered":"https:\/\/mbt.mv\/?p=6767"},"modified":"2023-08-27T13:45:00","modified_gmt":"2023-08-27T08:45:00","slug":"court-issues-no-flying-order-on-kings-capital-honcho","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=6767","title":{"rendered":"Court issues no-flying order on Kings Capital honcho"},"content":{"rendered":"<p>Local authorities have issued a no-fly order on former Maldives Parliament member Alhan Fahmy for an ongoing investigation conducted by the Maldives Police Service.<\/p>\n<p>Though no details were shared by local authorities, it was earlier confirmed that authorities had launched a criminal investigation against the shareholders of Kings Capital, of which Fahmy is a major shareholder.<\/p>\n<p>Fahmy and the rest of the shareholders are under suspicion for allegedly operating a pyramid scheme on the pretext of Forex trading.<\/p>\n<p>Earlier, Civil Court ordered Kings Capital to pay MVR 90,000 in compensation to one of the company&#8217;s investors.<\/p>\n<p>Reports claim that the Kings Capital honcho and former parliamentarian had amassed well over MVR 98 million from 1,864 investors.<\/p>\n<p>The Maldivian law does not permit options trading or betting, though forex trading is allowed.<\/p>\n<p>Options trading, unlike forex trading, requires trades to place &#8216;call&#8217; or &#8216;put&#8217; options ahead of a price action, which indicates that the trader is betting a currency&#8217;s price to go up or down in a given period of time. The trade will be limited to various time frames. For instance if a trader selects\u00a0 05:00 (minutes) trading option, and places a call\/buy trade for the price action, the trader will be making money only if the price goes up within the 05:00-minute window, and if price does not go up from the original trade entry within that time frame, the trader would lose.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local authorities have issued a no-fly order on former Maldives Parliament member Alhan Fahmy for an ongoing investigation conducted by the Maldives Police Service. Though no details were shared by local authorities, it was earlier confirmed that authorities had launched a criminal investigation against the shareholders of Kings Capital, of which Fahmy is a major<\/p>\n","protected":false},"author":4,"featured_media":6768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424],"tags":[338,419,719,1151,1630,1649],"class_list":{"0":"post-6767","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"tag-civil-court","9":"tag-criminal-investigation","10":"tag-forex-trading","11":"tag-kings-capital","12":"tag-online-betting","13":"tag-options-trading"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Court issues no-flying order on Kings Capital honcho - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=6767\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court issues no-flying order on Kings Capital honcho - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"Local authorities have issued a no-fly order on former Maldives Parliament member Alhan Fahmy for an ongoing investigation conducted by the Maldives Police Service. Though no details were shared by local authorities, it was earlier confirmed that authorities had launched a criminal investigation against the shareholders of Kings Capital, of which Fahmy is a major\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=6767\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-27T08:45:00+00:00\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=6767#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=6767\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"Court issues no-flying order on Kings Capital honcho\",\"datePublished\":\"2023-08-27T08:45:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=6767\"},\"wordCount\":241,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=6767#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"Civil Court\",\"Criminal Investigation\",\"Forex Trading\",\"Kings Capital\",\"Online Betting\",\"Options Trading\"],\"articleSection\":[\"FINANCE\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=6767#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=6767\",\"url\":\"https:\/\/mbt.mv\/?p=6767\",\"name\":\"Court issues no-flying order on Kings Capital honcho - 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