A Bengaluru, MorgenAll Co-operative Society run by Maqdooma Fathima and her husband Irfan (in pic) in Horamavu Main Road, has allegedly cheated hundreds of people. Investors had been lured in with the promise of attractive profits and started complaining when returns were not as expected.
To their dismay, they found that the couple had closed down the company on Monday. Investors allege that the owners cannot be traced.
Ajay Hilori (DCP East) said, “We have taken the complaints of the investors and an FIR has been filed against the couple.
We will investigate on this and nab them soon.”
The investors disclosed that the company had started eleven months ago and initially they made a profit of 10 per cent.
“My wife and I invested Rs 13 lakh in June in a four-month scheme.
We were promised a profit of profit of Rs 33,730 each month. In the first month, we got only Rs 4,000. said we’d get it the next month. And then he said they were about to get government approval and the scheme was going to be made into a six-month scheme, with profits paid after maturity,” said entrepreneur Shabeer Khan who made the mistake of believing him.
Khan’s brothers and sisters had put their money in MorgenAll Co-operative Society too.
They lost about Rs 40 lakh. “They had asked us to wait when we wanted the principal sum back. And then they went missing,” he added.
Another investor, Kauser, had been trying to get in touch with the owners. “Irfan Pasha wasn’t answering our calls.
We contacted the office on the Saturday and the manager said that Irfan will meet us on Monday to give back the money.
But to our shock, on Monday we found the office closed.
The phones were switched off and even the official website of MorgenAll doesn’t exist anymore,” said Kauser.
“I had invested in the company four months ago and got my money back with a profit. So,
I invested Rs 5 lakh more. I didn’t get a penny back. I am still in a shock,” said another investor, Zakriya.
Another investor, Syed Masiruddin went to the owners’ house as well and says that neighbours told him that the couple have vacated their place.