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.