Authorities arrested the president of the Al Khair group, identified only as Y.E.M., yesterday in connection with what authorities are calling a large-scale pyramid scheme that has defrauded hundreds of individuals.
The arrest was pursuant to an order issued by an investigating judge at the Assilah Court of First Instance. Y.E.M. was taken into custody and is now in pretrial detention at a local prison in Assilah.
The fraud case, which has garnered widespread attention, involves over 1,000 complaints from victims who claim they were duped by the pyramid scheme orchestrated by Y.E.M. and her associates.
The ensuing investigation led to the apprehension of Y.E.M. and two of her accomplices, identified only as K.E.G. and S.B.S.
The accused were brought before the public prosecutor on charges of fraud following a wave of allegations from victims, many of whom allegedly lost significant sums of money in the sophisticated pyramid scheme. Both of Y.E.M.’s accomplices are also being held in pretrial detention at the same prison.
Reports indicate that the Al Khair group lured victims into the fraudulent operation, promising significant financial returns in exchange for investments. However, as is common with pyramid schemes, new investor funds were used to pay earlier investors, leading to financial ruin for many involved when the scheme fell apart.
The next court hearing for Y.E.M. and her accomplices is scheduled for October 2, 2024. Prosecutors are expected to present additional evidence at that time.