BEWARE OF BOGUS ISLAMIC INVESTMENT COMPANIES
MUMBAI : Muslims who care for Islamic Sharia to earn Halal income have time and again been cheated by bogus Islamic Investment companies .So Muslim investors must take guard .They must not be carried away by religious discourses and sentiments .They must also not be tempted by the high returns offered to their investments .These two basic reasons found lakhs of Muslim investors lose their precious saving in bogus Islamic investment companies .Many investigations proved that such bogus Islamic Investment companies floated nothing but notorious Ponzi Schemes in the garb of Islamic and Halal investment .
According to experts , these bogus Islamic investment companies did not do any serious business .They mostly solicited investment from investors offering lucrative returns and they diverted funds into property business or bitcoin , crypto currency business .When these companies ended up into financial mess , they defaulted on returns and payments .But till that time, a large number of investors are financially devastated .
Therefore, experts advise Muslim investors to be careful before investing in any Islamic Investment company. It is said that most of the bogus Islamic investment companies do not have transparent affairs of their business .They do not give annual audited accounts to all investors .They do symbolic business activities to hoodwink investors .Their business activity do not match the huge investment received and returns offered .So these seem to be eye wash .They do not have requisite permissions from relevant authorities .They do not provide audited reports and loss & profit accounts .
Therefore instead of becoming victim to religious sentiment and lucrative offers , an investor must think wisely before putting his hard earned money into the hands of any bogus company .