BANGALORE : Muslim community of Bangalore has been cheated by yet another Ponzi scheme which was promoted as Halal Investment .The mastermind of such fraud is said to be one Syed Ahmed fareed aided by his son Syed Ahmed Afaque .
He floated Ambidant Marketing which offered attractive returns on investments .Thousands of families , majority of them said to be Muslims were lured by such schemes and offers .
This company also spread their net in the name of “Halal Investment “ and “ Islamic Investment “ to fleece Muslims who search for the Sharia complaint investment opportunities .
Bangalore police arrested former BJP minister Gali Janardhan Reddy in this Ponzi cheating scheme .He allegedly received Rs. 18 crores for supporting the promoters of this company promising them to save from criminal cases .
It is said that promoters not only used religion but they also exploited greed of more profits .It is said that Ambidant Marketing company offered more than 36 % profits plus return of principal amount to investors .Police sources said that more than 15000 people , mostly Muslims invested in this company .
Police investigation revealed that father – son due began this company in 2016 from a 8×8 sq ft rented room .But in a very span of time they were flooded with money .
Some sources said that the father – son due diverted money to either hawala money laundering or into the crypto currency – bitcoin trade .
To lure Muslims the company claimed that theirs is a banking finance company which is doing business according to Shariat laws .The sources alleged that they did not mention the possibility of losses but assured or lured the investors of huge returns as high as 50 % on their investment. It was unlikely for any company to pay 50 % profits to investors in any business .Initially investors were given profits in time .
This brought huge mouth publicity for the company and its collections grew speedily .The company also offered 5 % commission to all agents who brought investors so there was a further rise collection speedily .Suspicion grew as the company began to fail in payments .
The investigators were also alert when offices of the company were opened only for two hours daily i.e from 8-00 am to 10 am only .
The company was exposed in April 2017 when it stopped payments to investors .Since then investors are running from pillar to post for redress of their grievances .