Authorities have launched a strong warning tonight: the GMCE (also known as “Gemcue” or “GEMQ”) investment scheme is a sham. Labelled a pyramid scheme by both the Maldives Police Service and the Capital Market Development Authority (CMDA), it has operated illegally in the country for nearly a year.
In a joint announcement, officials confirmed GMCE lacks CMDA registration and does not benefit public investors. Despite its flashy claims of using “Artificial Intelligence” to power crypto grid trading, the scheme is nothing more than a deception, they say.
“Although they claim to use Artificial Intelligence technology for crypto grid trading in this scheme, it is a deception,” the statement reads.
Key allegations from the authorities include:
Unlicensed operations: The GMCE platform has no CMDA approval, making it unauthorized for use in the Maldives.
Pyramid scheme structure: Payments to earlier investors are funded by new recruits, not real trading profits.
False tech narrative: Despite claims, no AI-driven trading or crypto mining occurs—only money from later members keeps the system afloat.
Police and CMDA officials stressed that anyone operating, promoting, or using the GMCE scheme is subject to legal prosecution. They urged all citizens to steer clear of similar “high-tech” investment traps presented online, warning that unfamiliar buzzwords often mask scams.
Local communities are speaking out. On Reddit’s r/maldives, one user dismissed GMCE as “definitely a pyramid scheme,” noting that while some early adopters profited, the underlying structure remains fraudulent.
With networked promoters now under investigation and multiple platforms blocked or seized, regulators are intensifying enforcement. “We urge you not to invest,” the joint appeal concluded, highlighting the risk to both personal wealth and the broader integrity of the financial system.
This crackdown arrives amid growing concern over deceptive investment apps leveraging technical jargon—terming itself “AI” or “crypto”—to convince unwitting participants. Without proper oversight, these schemes threaten not only finances, but the public’s trust in digital innovation and regulatory protection.
In clear, active language, authorities have laid the groundwork for enforcement. They’re pursuing legal action and ramping up public awareness to protect Maldivians from falling prey to seemingly advanced yet fundamentally fraudulent schemes.
