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18L people lost 5,200 cr to dubious firms

18L people lost 5,200 cr to dubious firms

Nearly 18 lakh people, mostly lower- or middle-class Muslims, have lost Rs 5,200 crore to 16 dubious investment firms between 2013 and 2018. Few of them have got their money back. 

Since Islam prohibits all interest-based transactions, many fly-by-night operators in Bengaluru have lured Muslims with Halal, or Sharia-compliant investment schemes. Some of the companies offered unbelievable, fixed returns much like interest, even though Islam clearly prohibits the latter. These companies claimed to pay dividends—similar to the profits that companies pay their shareholders. 

Companies like Ajmera, Aleef, Aala Ventures, Injaz International, Burraqh, Ambidant and the IMA Group initially promised up to 10% returns a month to attract investors. Once their corpus reached crores, they cut the dividend and finally went bust. 

Ambidant Marketing

Started at DJ Halli in 2016, Ambidant Marketing collected more than Rs 1,000 crore. Minor baron G Janardhana Reddy was arrested for allegedly taking money from the company’s owners Syed Ahmed Fareed and his son Syed Afaq Ahmed to help them escape the Enforcement Directorate scrutiny. Police seized their properties but are yet to pay back the investors.

Ajmera Group

Soon after the Ambident case, the multi-core Ajmera group fraud case came to light. In January this year, police confiscated just Rs 5.2 crore form bank accounts related to the company, besides seizing documents of properties valued at crores. Around 950 investors have submitted proofs of having invested Rs 26 crore in the company.

Injaz International

Injaz International Builders and Developers Pvt Ltd, located RT Nagar, lured hundreds of investors by promising to invest in real estate. Police suspect the company cheated investors to the tune of Rs 89 crore. The founder fled the country soon after a complaint was filed against the company. Police are yet to track him down.

Burraqh Group

The Burraqh Group shut down following income tax raids. Its directors are absconding.

Topic: #rt #income tax
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HOT COMMENTS

Tipu Sultan

Why dubious firm allowed to run openly not shut down by government sebi raised question on government.

6 Days ago

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Mansoor Rehman

AL AMEEN INVESTMENT AND FINANCIAL CORPORATION SPONSORED BY AL AMEEN EDUCATIONAL TRUST WAS THE FIRST TO DUPE THE MUSLIM COMMUNITY IN MANY PLACES LIKE MUMBAI MUMBRA BANGLURU , HYDERABAD AND GULBARGA. DR MUMTAZ KHAN AND IRFAN RAZZAQE OF PRESTIGE WERE MAIN CULPRITS..

7 Days ago

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