Hyderabad: Couple cheats with ‘halal profit’, held

Hyderabad: Sleuths of the Hyderabad Central Crime Station police arrested a couple working with Universal Islamic Research Centre (UIRC) in Malakpet for duping several investors by assuring them of high profits in was essentially ‘Ponzi’ schemes. The accused collected huge deposits from Muslim women to invest their money in the Heera Group and Islamic Public School assuring them ‘halal’ returns. The duo had reportedly collected Rs 1.5 crore from the investors.

The accused Siraj-ur-Rahman is the founder member and general secretary of UIRC. He and his wife Bushra Begum allegedly lured investors to park their funds in the Heera Group companies like Heera Gold, Heera Foodex and Heera Rretail and IPS.

Investors Arshiya Sultana and her relatives complained to the police that they had invested Rs 1 crore, but did not get returns on their investments nor their initial deposit. Subsequently, Ms Sultana and her relatives lodged a complaint with the Saidabad police following which the accused were arrested on Wednesday.