‘Halal Cut’ For Investors: Man Scams Rs 4,000 Crore In The Name Of Islam; Vanishes Overnight

A financial company based out of Bengaluru has specifically targeted the city’s Muslim population for luring them into investments in the name of Halal. Thousands of people have lost their money by trusting that the promoter was a ‘true believer’ of Islamic principles.

Deccan Chronicle has reported that people from Karnataka, Kerala, Tamil Nadu and Andhra Pradesh had invested around Rs 4,000 crore in the company. A resident from Bengaluru’s RT Nagar filed a complaint on Saturday (29 September) at the Ramamurthy Nagar police station.

The company claimed to have its headquarters in Dubai. Morgenall Ventures LLP set up its office at Horamavu since 2017. Irfan Pasha, the accused, had promised the investors of higher returns. In order to attract gullible investors, Pasha used to put up posters near schools and Islamic centres. A complainant, Kabir Mohammed, lost Rs 16 lakh in three months’ time.

Pasha used a principal-plus-profit investment plan to lure customers. Suppose you invest Rs 1,00,000 rupees, you will receive a principal amount of Rs 25,000 as the first installment including a 5 per cent profit on the remainder amount (Rs 75,000). In the second installment, you receive Rs 25,000 and a 5 per cent profit on the remainder. This way, it goes on up to four months.

Pasha promised 20 per cent profit in interest, an additional Rs 25,000, a gold coin weighing 2 grams and even Big Bazaar vouchers. A set of victims met police officials and are expected to meet the Central Crime Branch on Monday (1 October).