Hundreds of Muslims have been duped by a private “bank” that promised to keep their money secure, and the chief suspect has apparently fled to Dubai. According to the authorities, hundreds of locals in the Nagina region of Bijnor district in Uttar Pradesh have lost money they had placed with ‘Al Faizan Muslim Fund Limited,’ a facility privately held by one Mohammed Faizi for Muslims to keep their money secure as per Sharia rules.
In Nagina’s Mohalla Lal Sarai, the facility has been operational for five years. Al Faizan Muslim Fund Limited offered Islamic banking services approved as per Sharia. As earning interest on investment is considered haram in Islam, many Muslims opt to invest and deposit their money in such Muslim Fund Banks that offer Sharia compliance financial services.
Faizi, the accused, had hired agents to increase the number of consumers in the villages. Two such agents who used to collect the money have been arrested and are being questioned. According to sources, Faizi may have acquired a fortune of several crores of rupees.
Over 170 police complaints have been made so far and the authorities are investigating the magnitude of the depositors’ losses. According to preliminary inquiries, Mohammed Faizi discreetly sold his residence in Nagina town before fleeing. According to locals, he may have fled to Dubai.
Following the inquiry, Faizi’s other major crime was revealed. Inside the facility, large Bank of Baroda banners were found. The branch included dozens of Bank of Baroda records. A customer care signboard for the Bank of Baroda was also found outside the main edifice. According to neighbours, Faizi has been handling the Bank of Baroda’s customer service centre in this branch for years, while concurrently running the Muslim Fund branch on the same premise. He used to lure thousands of consumers into his Muslim Fund branch and register their accounts.
Even five days after Mohammed Faizi, the owner of Al Faizan Muslim Fund vanished with crores of rupees from the people of Nagina, the police have been unable to find anything. After receiving a search order from the court for the search of the building, the police sprang into action. The facility has been sealed. At the same time, there is a chance that Faizi, the accused, may escape to Turkey. A team conducted an inquiry at the Delhi airport.
Nagina Station House Officer (SHO) Krishna Murari stated, “Faizi and his accomplice have been charged under the relevant sections of the IPC by the police. Two operatives who were collecting money from people were apprehended and investigated.”
