The “Al-Khair Group,” once seen as a promising financial opportunity, has now been exposed as a colossal ponzi scheme, a fraudulent investment tactic, that has devastated the lives of countless Moroccans, Barlaman Today learned more.
Founded over five years ago by three women from northern Morocco, the group operated under the form of a traditional “daret” system (ponzi scheme in Moroccan dialect)—a rotating savings and credit association where participants contribute a fixed monthly amount, with the total sum being paid out on rotation among the members.
The concept, deeply rooted in Moroccan culture, typically relies on trust and mutual support within close-knit communities. However, in this case, the “Al-Khair Group” exploited that trust on an unprecedented scale.
What began as a seemingly legitimate financial arrangement rapidly expanded, attracting thousands of members, predominantly women, from across Morocco and from Moroccan communities in Europe, the sources told Barlaman Today.
“Each neighborhood in the northern regions of Morocco had its own Al-Khair group, with sub-branches sprouting up in various cities,” the sources added.
The collected funds, amounting to billions of Moroccan dirhams, were then funneled into the personal bank accounts of the group’s three founders.
For years, the scheme ran smoothly, with participants receiving their promised payouts, which fueled the group’s growth.
However, the illusion of legitimacy shattered when one of the founders made a shocking move—she withdrew nearly 8 billion Moroccan dirhams, and disappeared, the source added.
The sudden disappearance of such a vast sum sent shockwaves through the group, leaving many participants in financial ruin.
The scale of the fraud became evident when one investigation brought the scheme to light.
A woman, the wife of a security official, had invested 15,000 MAD into the group. After months of waiting, she did not receive her promised payout, sparking her suspicion.
Determined to uncover the truth, she devised a plan to lure one of the group’s leaders into a meeting, pretending she had three new, high-paying members ready to join, the source stated.
The meeting quickly escalated into a confrontation, resulting in the physical assault of the deceived investor by the group admin.
This altercation led to the arrest of the group’s admins, unraveling the extensive fraud network.
As the scandal unfolded, the true extent of the deception became clear.
Victims, primarily women who had been persuaded by friends and family to join, began to come forward in droves.
More than 700 complaints were filed with the authorities, detailing losses that ranged from tens of thousands to millions of dirhams.
The emotional toll on the victims was immense, as many had invested their life savings, only to find themselves swindled in one of the largest fraud networks in Moroccan history.
The fallout from the Al-Khair Group scam did not end with financial losses, as he psychological impact on the victims and those involved was also severe.
In a tragic turn of events, two of the group’s local group admins reportedly committed suicide after the scandal broke, unable to cope with the guilt and fear associated with their roles in the scheme.
Their deaths underscored the profound consequences of the fraud, which extended beyond the surface level of financial ruin.
As the investigation continues, the authorities are working tirelessly to track down other individuals involved in the scheme.