The arrest of a marketer of a fraudulent investment program claiming to be “halal”

The arrest of a marketer of a fraudulent investment program claiming to be “halal”

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Answer The arrest of a marketer of a fraudulent investment program claiming to be “halal”

It has been reported that an Indian national named “Syed Farid” and his son “Syed Afaq Ahmed” who were involved in a “fraudulent” investment scheme have been arrested.

Both Fred and Ahmed had launched what now appears to be a Ponzi scheme – which was cleverly disguised as a lucrative investment venture for cryptocurrency trading at face value.

The Indian authorities found that the “Ambedant” Marketing and Investment Company, which is run by the two partners, was offering fake investment contracts called “halal” but used the fatwas of Muslim scholars to lure Muslim investors to get money through them.

Indian authorities crack down on cryptocurrency investment firms

Representatives of the “Ambedant” Marketing Company had informed the investors that their investment plans were Shariah-compliant to gain to entice investors to enter.

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After the Reserve Bank of India (RBI) declared cryptocurrency to be illegal, the country’s law enforcement agency, a local law enforcement and intelligence agency, began investigating businesses related to the country’s crypto institutions — including self-described crypto investment contracts. It is “halal”.

It is worth noting that Ambidant Marketing Company was distributing huge profit returns of up to 50% (of total investments) to its investors when it first started. However, the payout amounts were reduced as more investors started participating in the program.

Initially, the returns were reduced from 50% to 25%, then to 11% and then the company stopped paying entirely – the most recent profit was distributed in January 2018.

Fake “halal” investments

Ambedant Marketing has not made any additional payments to its investors since January 2018. However, some people who made very large investments got (apartments) as a kind of return for their contributions.

As mentioned, both “Farid” and “Ahmed” had included the fatwas of Muslim scholars in their fraudulent investment program – they used to provide misleading statements which the company claimed was running a “halal” business.

The Law Enforcement Directorate issued the following statement regarding Ambedant’s fraudulent operations:

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During the investigation, it came to the fore that a company-run scheme was most likely a possible (Ponzi scheme). In light of the above, the law enforcement has written to ask the RBI to take another look at the matter and protect the interests of investors/depositors in general who are being deceived in the name of (halal) investment banking.

The (Income Tax Department) appeared after the increase in the net investment value

At a time when the prices of “crypto assets” reached an all-time high (in late 2017 and early 2018), and also before the Reserve Bank of India instructed local banks to stop providing banking services to Indian citizens dealing with cryptocurrencies ​​Ampedant’s questionable business was running smoothly.

Read:Japanese government seeks to simplify taxes on digital currencies

When Indian authorities began cracking down on crypto investors, and the country’s Income Tax Department issued notices to high-value “digital asset” traders, Ambidant Marketing was among one of the main companies targeted by regulators in the country.

There were more than 500,000 tax notices sent to crypto investors, and Ambidant got one too. It is assumed that a fraudulent Ponzi scheme operating underground under the name “Ambedant” marketing had caught the attention of law enforcement agencies in India at this time.

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