An investigation at Tangier’s Court of First Instance has begun an inquiry into “Al-Khair Group’s” fraud case, according to local media.
The fraud case has caught the attention of the Moroccan public, with 11 people implicated, including nine women and two men, while others remain fugitives with national arrest warrants issued against them.
Over 700 complaints have been filed concerning the Al-Khair Group, with hundreds of individuals, mostly women, accusing the group’s leaders of defrauding them out of large sums of money.
The group works by a group of people pooling investment and sharing the proceeds in turn between themselves. Many fell into the group’s trap as it promised to double the customer’s money if they invested for a certain period of time.
Complainants allege that those behind the scam convinced new victims, often their relatives and acquaintances, to invest significant amounts of money with promises of high returns, only to find themselves pulled into one of the largest fraud schemes Morocco has ever seen.
Estimates of the total amount defrauded vary, with some suggesting that the victims are collectively seeking to recover billions. Some of the complaints received by Tangier’s security authorities indicate individual losses of up to 300 million MAD, with other claims ranging from 20 to 30 million MAD.
The number of complaints continues to grow as more victims come forward.
The ongoing investigation is expected to reveal the full extent of the scandal, which dates back more than six years.
The potential victims of Al-Khair Group are spread across various Moroccan cities, not just Tangier, and include members of the Moroccan diaspora, particularly those residing in Spain and other European countries.
Given the complexity and the number of parties involved, the case is expected to take considerable time to resolve.