IslamicFinance.de

Assets worth over Rs 10 crore of a Bengaluru-based firm have been attached under the anti-money laundering law in connection with an alleged 'Islamic banking or halal investment' ponzi scam case. The accused firm is Ambidant Marketing Pvt Ltd and the case had made headlines last year in Karnataka. The firm is accused of collecting investments from customers under the Haj/Umrah plan in the name of 'Islamic banking or halal investment' and offering huge returns to the extent of up to 15% per month. The company was not authorised to collect such funds as it was neither registered with RBI nor with the SEBI under their collective investment scheme. The company had hired agents who would convince investors to invest in the plan by giving these agents a heavy commission. Initially, the company shared profits to the existing investors out of funds obtained from its new investors.