The People’s Majlis Information and Communication Committee has launched an official investigation into the surge of pyramid schemes, online gambling platforms, and social-media scams that have ensnared thousands of Maldivians, following the collapse of the notorious GMCE/GemQ operation.
During today’s session, Hithaadhoo MP Mohamed Shiruhan formally requested that the committee summon relevant oversight bodies to probe the scope and mechanics of these illicit schemes. Shiruhan emphasised the widespread harm, stating, “Many people have been affected. Therefore, this committee needs to investigate and study these issues.” His motion, supported by North Hulhumalé MP Hussein Shareef, passed unanimously, ushering in a coordinated inquiry.
South Henveiru MP Hussein Imran Lateef expanded the scope, urging inclusion of gambling platforms and scam operations across social media. He noted that ill-gotten gains were being laundered through Maldivian banks and reported that Bank of Maldives (BML) had begun blocking certain gambling-related deposits.
The probe was triggered by the recent downfall of GMCE (also known as GemQ or GEMCUE), a pyramid-style investment scheme claiming to use artificial intelligence for crypto–USDT grid trading. The scheme attracted tens of thousands of members and is estimated to have collected between US$2–3 million (over MVR30 million) from Maldivian investors.
Authorities have confirmed that GMCE operated without registration or licensing from the Capital Market Development Authority (CMDA), in violation of the Securities Act . Withdrawals were abruptly halted in mid‑June, leaving many unable to recover their investments . Investigators have also identified several local promoters—six men and one woman—while using fraudulent documents falsely claiming US registration.
Following the GMCE shutdown, promoters have reportedly launched a replacement scheme called “Quant Pack”, once again fronted by the same organizer known as “Shahe Mad.” MPs have expressed concern that newly emerging Ponzi ventures are targeting former GMCE investors.
Police, CMDA, and international partners are conducting joint investigations. The relevant penalties are provided under Article 319 of the Maldivian Penal Code, which prohibits pyramid-scheme recruitment . The Majlis committee’s forthcoming hearings aim to clarify enforcement gaps and propose stronger regulatory oversight. Looming issues include tight banking controls on scam-related deposits and enhanced consumer protection measures.
The Information and Communication Committee will now convene hearings with CMDA, Police Anti‑Scam Centre, BML, and possibly other authorities related to financial services. The Maldivian public is urged to exercise caution when engaging with high‑yield investment opportunities, especially those advertised through social media and unregistered platforms.
