Bengaluru: Innocent Muslim investors lose over Rs 5,200 crore in 7 years


Daijiworld Media Network (SHP)

Bengaluru, Jun 13: The number of scam artists is on the rise. A staggering number of over 18 lac of middle-class Muslims have been fraudulently tricked into losing Rs 5,200 crore to 16 suspicious investment firms. These cases have said to be taken place around the year 2013 and 2019. All these investors were lured in the name of Sharia-compliant investment.

Only a minor group of people have claimed to have received their money back.

According to Islam, interest-based transactions are forbidden. The Muslims are since lured by fake investment firms claiming to have Sharia-compliant investment schemes. These companies have targeted those gullible individuals who are intrigued by the exciting returns on their investments.

The companies have managed to dupe the people by claiming to pay them dividends equivalent to the profits paid to the shareholders.

To list a few, companies like Ajmera, Aleef, Aala Ventures, Injaz International, Burraqh, Ambidant and the IMA Group had stated that their investors would receive 10% returns a month. But it was found that once the particular company reached the required monetary mark, the promoters disappeared.

Companies like Ambident Marketing collected over Rs 1,000 crore and politician G Janardhana Reddy was also interrogated for taking money from the company’s owner Syed Ahmed Fareed and his son. It is believed that this was done to help them escape Enforcement Directorate scrutiny. Although the accused was arrested, the investors have not been compensated.

Following the Ambident case, Ajmera scam was detected. People had invested over Rs 26 crore in the company.

Injaz International Builders and Developers Pvt Ltd, was the company which indulged in real estate fraud. Over 100 investors are believed to have invested over Rs 89 crore in this compnay. Once the company came under the radar, the scammers fled. Similarly in the case of The Burraqh Group, when income tax raid was placed, the directors absconded.

The police are said to be still in pursuit of the absconded individuals.

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Comment on this article

  • Harold Dcunha, Mangalore, Mangalore, India

    Thu, Jun 13 2019

    Who are the inspirational master for luring investors with feku promises and disproportionate returns. .

    DisAgree [2] Agree [1] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Jun 13 2019

    i am cheated from the promised jumla 15-20 lakhs by da chaiwala

    DisAgree [20] Agree [5] Reply Report Abuse

  • Ivar, Mangaluru

    Thu, Jun 13 2019

    Many here have raised a question.. Interest is haram, 10% is not?
    Let me explain. Interest is haram in Islam, but profits are not. You can not lend money to someone and take back more as interest.
    But you can be a partner in any enterprise and take profits. Everyone here has not given money to get interest. They have invested in a company for profits.

    DisAgree [2] Agree [2] Reply Report Abuse

  • H. Almeida., Bendur/Andheri

    Thu, Jun 13 2019

    India's financial institutions r based on world economic structure, which is directly governed on interest rates.... Wonder, how a company can be floated, in our nation n claim it is free from market rates ?? Even food, clothing n shelter r interest paid !!!

    DisAgree [1] Agree [2] Reply Report Abuse

  • KS Mayya, Mangalore/Bangalore

    Thu, Jun 13 2019

    There was this finance company founded by Syndicate bank promoters called ICDS (do not remember exactly now the full form) based out of Manipal. RBI intervened and had them close as this institution could not be classified as a bank.

    These many institutions formed to deal with crores of rupees did not come under RBI scanner?

    Sorry, but these investors rightly stand to lose, as they did not check the background of these institutions and instead bought their marketing story firmly wrapped with religious flavor. Probably my ignorance, I never heard the name of such institutions and as probably many on this forum. Goes to show that the knowledge of their existence was on need basis and to select audience who are target of their ponzi scheme.

    Politicians may come to their rescue and even ask ED or other state institutions to investigate. When the investors invested in a ponzi scheme which were not formed according to the law of land, how can even courts intervene here?

    It appears that this is the latest technique of politicians to raise funds for their expensive campaign at the expense of savings of innocent voters.

    DisAgree [1] Agree [5] Reply Report Abuse

  • R.Bhandarkar, Mangaluru

    Thu, Jun 13 2019

    RaGa NYAY Karegaa
    Zaroor karega ....
    72000 x 5 crore Kitnaa ?
    Itnaa deneko ready thaa who !
    Now his party along with JDs has duped so many innocent Muslims.
    His party he had said is Muslims Party.
    Now let him give back the looted money

    DisAgree [8] Agree [20] Reply Report Abuse

  • Nikhil, Mangalore

    Thu, Jun 13 2019

    Very well said, Only these people support Raga and his own party let the culprits do the scam with ease.

    DisAgree [3] Agree [6] Reply Report Abuse

  • Vijay, Mangalore

    Thu, Jun 13 2019

    I'm sorry I didn't understand Bhandu Mam

    DisAgree [1] Agree [1] Reply Report Abuse

  • R.Bhandarkar, Mangaluru

    Thu, Jun 13 2019

    Vijay ....
    Go through Congress Manifesto if 2019 you will know.on Nyay.
    See his byte some time back saying his is a Muslim Party.
    Inspite of directions from RBI ,IMA allowed to continue.
    All units shops of IMA opened by Congress JDs leaders.
    Zamee took 3 crores as royalty from IMA.
    Clear now ?

    DisAgree Agree [3] Reply Report Abuse

  • Hasan Zain, DOha

    Thu, Jun 13 2019

    Here one more name is Missing and that is Flawless investments. This company is believed to have been duped more then 500 crores from investors. After lot of complains from investors Police is still not taking action although lot of people saw the owners of Flawless visiting Police stations. People suspect there may be some connection between owners and department.

    DisAgree Agree [11] Reply Report Abuse

  • SK, Mangalore

    Thu, Jun 13 2019

    They would have cheated flawlessly

    DisAgree [2] Agree [3] Reply Report Abuse

  • jr, Mangalore

    Thu, Jun 13 2019

    IT SEEMS ACCORDING TO THEM RECEIVING INTEREST IS OFFENCE BUT LOOSING DEPOSIT IS NOT OFFENCE AND VICE VERSA.

    THESE SORTS WILL CONTINUE TILL SUCH TIME PEOPLE DOES NOT BELIEVE WHOM TO BELIEVE AND VICE VERSA.

    THE SOLUTION TO THIS PROBLEM IS PEOPLE SHOULD COME OUT OF UNLIMTED WANTS & OVER AMBITIONS.

    DisAgree Agree [11] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Thu, Jun 13 2019

    Actually many of these "innocents" were quite livid, angry & frustrated during demonetization in Nov 2016. The same anger was visible in North Kerala, Wayanad, Malappuram etc among-st "innocents"

    DisAgree [3] Agree [26] Reply Report Abuse

  • SAMAD, Mangalore

    Thu, Jun 13 2019

    Kisine sahi kaha he paisa sirf itna hi kamao ki tum tumari or tumare family ki zaruratein ko poora kar sake.

    DisAgree [2] Agree [20] Reply Report Abuse

  • Jitendra K, Mijar/ Leicester (UK)

    Thu, Jun 13 2019

    Aur usse jyada kamaya huwa paisa terror funding me bhi ja sakta hai ....

    DisAgree [16] Agree [24] Reply Report Abuse

  • SAMAD, Mangalore

    Thu, Jun 13 2019

    Yes RSS is the best example

    DisAgree [23] Agree [19] Reply Report Abuse

  • Dheeraj, Shirva Manchakal

    Thu, Jun 13 2019

    RSS is not functioning international level. It meant to keep eye on anti-nationals who involved with ISIS...to run there agenda.

    DisAgree [7] Agree [23] Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Thu, Jun 13 2019

    UN designated terror groups have a long list, just google it and you will be rejuvenated ....

    DisAgree Agree [17] Report Abuse

  • SP Shetty, Dubai

    Thu, Jun 13 2019

    Just Spend all the Money you Earn only invest 5 - 10 % in funds which gives good return in the future.


    At least you can have a good life at the end of the day, go to movies do whatever makes you happy, spending on self is better than losing money like this I believe.

    DisAgree Agree [10] Report Abuse

  • Ganesh, Bantwal

    Thu, Jun 13 2019

    if earning interest is haram what was that 10% percent on investment per month?

    DisAgree [3] Agree [43] Reply Report Abuse

  • SAMAD, Mangalore

    Thu, Jun 13 2019

    Even though we explain it you wont understand it.

    DisAgree [24] Agree [8] Reply Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Thu, Jun 13 2019

    Those extremists also won't understand your explanation ....

    DisAgree [5] Agree [25] Reply Report Abuse

  • SAMAD, Mangalore

    Thu, Jun 13 2019

    Because all the extremists now days are only to make money nothing else...i Include all..

    DisAgree [10] Agree [7] Report Abuse

  • Dheeraj, Shirva Manchakal

    Thu, Jun 13 2019

    Samad....Are you aware it...or not difference between taking interest and dividend. How you view when person remitting money thru hundi is haraam or not. Producing poppey seeds for mfg drugs is haraam or not in islam.

    DisAgree [3] Agree [13] Reply Report Abuse

  • Sampath, Mlore/ Blore

    Thu, Jun 13 2019

    Men,

    Please stop these silly non sense blame game.... Just think of the plight of the individuals who have invested thier hard earned money and now lost everything....

    1. One guys sister was to get married in a weeks time.
    2. Other ladys son had just completed his degree and wanted money to do higher studies in abroad.
    3. One more person was a Cancer patient and from the interest he used to get would earn his lively hood.

    No all shattered.... This is not a joke... but a warning bell.... BEWARE OF THESE FRAUDSTERS.....

    DisAgree [4] Agree [5] Reply Report Abuse

  • Rakesh, Pune

    Thu, Jun 13 2019

    Investors are poor. They arr all BPL card holders and some of them invested 50 Lacs each. There are many cases where they are very rich but BPL card holders. The black money dumped in IMA has been looted by Scamgress+JDS government. People involed are Roshan Being and, Zameer Ahmed , HDK , Niddheramayya, Raul Vincy and Sonia Maino.

    DisAgree [13] Agree [48] Reply Report Abuse

  • N.M, Mangalore

    Thu, Jun 13 2019

    the head of this syndicate is chor chowkidaar and daku.

    DisAgree [24] Agree [10] Reply Report Abuse

  • Rakesh, Pune

    Thu, Jun 13 2019

    What is your contribution ?

    DisAgree [4] Agree [14] Reply Report Abuse

  • SAMAD, Mangalore

    Thu, Jun 13 2019

    So whats you point of view as you people voted BJP, just to implement Hindutva or improve India's Conditions?

    DisAgree [9] Agree [9] Report Abuse

  • Chatty Shetty, mangalore

    Thu, Jun 13 2019

    ATHI AASE GATHI KEDU is the fitting answer to the investors who went to make quick bucks.

    We should lead a happy life within safe means or else ready to face the worst when taking extreme risks.

    but there is nothing to worry as we have voted for the chai maker. He will set things right. Just give him five years more

    DisAgree [13] Agree [16] Reply Report Abuse

  • SK, Mangalore

    Thu, Jun 13 2019

    I think you too have invested in these funds using your real name, not Chatty Shetty or Reshma?

    DisAgree [6] Agree [26] Reply Report Abuse

  • Chatty Shetty, mangalore

    Thu, Jun 13 2019

    I pity nose-pokers and losers like you. I just put a general comment and you immediately make some conclusion in your mind and blabbered some nonsense. Go get life.

    DisAgree [19] Agree [16] Reply Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Thu, Jun 13 2019

    We have given 10 years to Remote control man, why not this time 20 years to Modi ....
    Chatty Gatti will get habitual to Modi Sarkar after this 5 years term ....

    DisAgree [5] Agree [24] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Jun 13 2019

    When will all these Frauds come to an End ...

    DisAgree [18] Agree [7] Reply Report Abuse

  • Rakesh, Pune

    Thu, Jun 13 2019

    When India becomes Congress Mukth

    DisAgree [12] Agree [43] Reply Report Abuse

  • DSouza, Mangaluru

    Thu, Jun 13 2019

    Jossey - Talk to Raga and Plz give these lost investors some money AB HOGA NYAY Fund. They are the true loyalists.

    Cant understand whats the difference between "Haram to take interest" and "10% return monthly"? Why people think first one is bad, and 2nd one is good as per religious laws?

    DisAgree [1] Agree [22] Reply Report Abuse

  • Mangalurian, Mangaluru

    Thu, Jun 13 2019

    Earning interest is haraam.

    So, lose capital and lose profit.

    What a lose-lose situation.

    The whole point of Indira Gandhi nationalising of the banks was that the owners/shareholders do not run away with people's money.

    With non-nationalised banks and investment companies, a Government cannot offer a sense of security to the depositors.

    DisAgree [2] Agree [13] Reply Report Abuse

  • SB, Mlore

    Thu, Jun 13 2019

    You Linked Reddy to Ambident. What about the names of Roshan Being and Zameer Ahmed being involved with IMA ?

    DisAgree [2] Agree [26] Reply Report Abuse


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Title : Bengaluru: Innocent Muslim investors lose over Rs 5,200 crore in 7 years


 
 
 
 

 
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