Bengaluru firm dupes Muslim community in name of Halal investments, amasses over Rs 4000 cr

Bengaluru: A Bengaluru-based financial company has shut down its office after allegedly amassing crores of rupees from the city's Muslim community by luring them to invest in their firm while claiming that the investments would be under Islamic and halal principles. An estimated 8,000-10,000 people, especially Muslims fell prey to the false promises of higher returns given by the financial investment firm Morgenall Ventures LLP. The firm, headed by a Irfan Pasha, is said to have systematically targeted members of the Muslim community by putting up posters of their company near schools and Islamic centres. Reportedly the company lured investors with monthly 10–20 per cent fixed returns and even promised to double the amount within a few months. As per the P+P(Principal + Profit) model of their investment plans, a customer investing Rs one lakh would get the principal amount of Rs 25,000 in the first instalment and an additional 5% profit on the remaining Rs 75,000. In the second month, he would get another Rs 25,000 and 5% profit on the remaining Rs 50,000 and it continued this way till the fourth month. According to sources, anyone investing with the company would stand to earn an interest of 20%, an additional Rs 25,000, a gold coin weighing 2 grammes and gift vouchers worth Rs 2,000 from Big Bazaar apart from their initial investment of Rs 1 lakh. Interestingly the firm, headquartered in Dubai commenced its operations in 2004 as a consulting company facilitating recruitments in the Middle East. It later transitioned into a financial firm somewhere during 2016-17 and was reportedly going to launch a co-operative banking society soon. It is gathered that the company had defaulted on its payments to the investors over the last two month but had cited it transitioning into a co-operative banking society as the reason for the delay. However last Monday when investors queued up at the office they found that the office was locked and its phone numbers non-operational. Later they gathered outside Pasha’s house, only to find that the house was locked and Pasha was absconding along with his family members. The defrauded victims met senior police officials recently and are likely to approach the Central Crime Branch on Monday. Source: Udayavani