The alleged investment scheme operating under the name GMCE/GEMCUE has blocked participant withdrawals, causing panic among investors.

More than 50,000 people in the Maldives are believed to have invested in the scheme, which has been active in the country for over a year. With reports of non-withdrawals escalating, investors are facing growing anxiety and fears of substantial financial losses. Experts estimate that more than MVR 100 million may have been funnelled into the scheme.

A Telegram group linked to GMCE, with over 41,000 Maldivian members, has been flooded with complaints in recent days. Users reported that withdrawal requests have not been processed and attempts to contact support have gone unanswered. Group administrators posted a message claiming withdrawals were paused due to suspected money laundering and that operations would resume within two days. No further updates were issued, fuelling suspicions that the platform may have collapsed.

While promoters had claimed GMCE was an American company, the Maldives Police Service confirmed, based on information shared via Interpol, that the scheme is not active in any other country. Police revealed the operation is entirely based in the Maldives and runs on cryptocurrency transactions. Authorities are now working to trace the associated crypto wallets.

On June 16, the Maldives Police Service and the Capital Market Development Authority (CMDA) issued a joint statement officially declaring the scheme fraudulent. The statement warned the public against investing in unlicensed platforms and confirmed that legal action would be taken against those involved in promoting or participating in the operation.

Police continue to urge the public to exercise caution and report any unregistered or suspicious investment platforms.