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In name of Halal, financial company cheats people of Rs 4,000 crore

It allegedly lured people by claiming that the investments would be under Islamic and halal principles. (Representational Images)
Bengaluru: A Bengaluru-based financial company allegedly duped thousands of people of thousands of crores while systematically targeting the city’s Muslim community. It allegedly lured people by claiming that the investments would be under Islamic and halal principles.

The company had its victims spread across Karnataka, Kerala, Tamil Nadu and Andhra Pradesh, and is said to have made away with a whopping Rs 4,000 crore.

Feroz Khan, a resident of R.T. Nagar, said that the victims on Saturday filed a complaint at the Ramamurthy Nagar police station, exposing how the supposed

Dubai-based company targeted only the Muslim community.

The company, Morgenall Ventures LLP, claiming to be headquartered in Dubai, had its local office at Horamavu since 2017.

The financial investment and consultancy firm, headed by one Irfan Pasha, allegedly promised to give higher than normal returns.

Another complainant Kabir Mohammed said that he invested Rs 16 lakh three months ago and realised that he was duped only recently. Irfan Pasha had allegedly put up posters of the company on schools and Islamic centres too to attract more gullible investors.

Dubious investment plans
One of the investment plans of Morgenall Ventures LLP was P+P or Principal + Profit.

If one invested Rs 1 lakh, he received the principal amount of Rs 25,000 in the first instalment and an additional 5% profit on the remaining Rs 75,000. The second month, he received another Rs 25,000 and 5% profit on the remaining Rs 50,000 and it continued this way till the fourth month.

The investor was expected to get back the entire principal amount of Rs 1 lakh, 20% profit earned in interest, an additional Rs 25,000, a 2-gram gold coin and Rs 2,000 worth gift vouchers from Big Bazaar, sources said.

Soon, hundreds of people fell into the trap and ended up losing large amounts of money, as the fly-by-night operator shut shop and fled.

A group of victims recently met senior police officials and are approaching the Central Crime Branch.

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