Targeting Muslim community, financial company cheats people of Rs 4,000 crore

 SMTV Desk 2018-09-30 15:08:00  financial company, halal principles, Bengaluru-based
Targeting Muslim community, financial company cheats people of Rs 4,000 crore

Bengaluru, Sept 30: A Bengaluru-based financial company reportedly deceived thousands of people of thousands of crores while methodically focusing the city s Muslim community. It as stated dragged 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. Reportedly, it is informed that 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. ~ 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 installment 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 on Monday.