Mansoor Khan knew ‘Islamic banking’ could fool Muslims

[SH_221B]

New Delhi/Bengaluru: Many of the country’s monetary agencies led by the Reserve Bank of India (RBI) often caution people against promises returns on investment that look too good to be true. But the greedy and the gullible are tempted to ignore such warnings. In one such case, about 40,000 Muslims suffered losses of Rs 2,000 crore in all. Enforcement Directorate (ED) has arrested Mohammed Mansoor Khan, the main accused in the fraud.

Mansoor Khan, the mastermind of the I Monetary Advisory (IMA) Ponzi scam, has been extradited to Delhi from Dubai. At present, he is in the custody of the ED. Along with ED, an SIT formed to probe chit fund scams had issued a lookout circular to catch Khan.

Who is Mansoor Khan?

Mansoor Khan was running a ‘bank’ that was curiously called the IMA (I Monetary Advisory) Jewels. This chit fund firm was floated in 2006. After cheating its customers, all Muslims, of Rs 2,000 crore, he fled to Dubai.

On receiving thousands of complaints, Karnataka Police sprung into action. The matter was referred to the ED (ED) and an investigation started. Bengaluru Police formed an SIT, in the meantime, to probe into the case.

Mansoor Khan’s Islamic banking fraud

The chit fund fraudulence started under the guise of religion. Khan claimed investments into his company were halal (legitimate by Islamic law). Under the halal investment scheme, he first contacted many maulanas and succeeded in convincing them that he was serving the community.

Khan promised to multiply the money invested manifold while his Muslim customers convinced themselves this was riba, a form of Islamic banking that is not a business of interests and, hence, fully halal! For some time, Mansoor fulfilled his promise for some time.

Next, Mansoor graduated from the average income group to super-rich Muslims. The latter fooled themselves in the name of islamic banking, too.

Then, Khan went back to the middle class and relatively poorer Muslims, wielding his photographs and videos with the rich, influential Muslims to impress more people from the community. Thus, his fortunes grew to a worth of a whopping Rs 20,000 crore.

But then, his calculations went wrong and he suffered a heavy loss in early-June. On 8 June, he fled from the country.

At the same time, to keep his customers in the dark, Mansoor issued an audio message. The message claimed he was about to commit suicide, and the person responsible for the abetment was Congress rebel Roshan Baig.

Courtesy: https://www.sirfnews.com/mansoor-khan-knew-islamic-banking-could-fool-muslims/?fbclid=IwAR2ek9pM2u-7SPjTcvqnOz-DN7Wx-17Z8iHfoE2kK6PTNWm891gMi-_S3DA

[SH_221B]

arey @pottipotato ga nuvvena ra idi. Nuvvu busy antu edo project work antu chesthuna scam lu ivena. 

[Hydrockers]

Vaddi ki dabbulu pettatam haram antaru malli ivi anni etla pedutaru ?

[SH_221B]

3 minutes ago, Hydrockers said:

Vaddi ki dabbulu pettatam haram antaru malli ivi anni etla pedutaru ?

"Khan promised to multiply the money invested manifold while his Muslim customers convinced themselves this was riba, a form of Islamic banking that is not a business of interests and, hence, fully halal! For some time, Mansoor fulfilled his promise for some time."

[Hydrockers]

1 minute ago, SH_221B said:

"Khan promised to multiply the money invested manifold while his Muslim customers convinced themselves this was riba, a form of Islamic banking that is not a business of interests and, hence, fully halal! For some time, Mansoor fulfilled his promise for some time."

 

1 minute ago, SH_221B said:

"Khan promised to multiply the money invested manifold while his Muslim customers convinced themselves this was riba, a form of Islamic banking that is not a business of interests and, hence, fully halal! For some time, Mansoor fulfilled his promise for some time."

Ok

Then what about heera group ?

[DaleSteyn1]

Ilanti halal way of loan ,banking ani ikkada usa lo kooda modalu pettaru.India restaurant,halal stores lo ekkadiki poina valla pamplets unnay enta ani chadiva something like this modalu pettaru

[tom bhayya]

Jaathakalu cheppeyvalla kanna ilaantivey best ani @Beardman cheppamannadu

[perugu_vada]

4 minutes ago, DaleSteyn1 said:

Ilanti halal way of loan ,banking ani ikkada usa lo kooda modalu pettaru.India restaurant,halal stores lo ekkadiki poina valla pamplets unnay enta ani chadiva something like this modalu pettaru

Gas stations motham ikada austin lo max vaalle capture chesaru  

[tom bhayya]

4 minutes ago, DaleSteyn1 said:

Ilanti halal way of loan ,banking ani ikkada usa lo kooda modalu pettaru.India restaurant,halal stores lo ekkadiki poina valla pamplets unnay enta ani chadiva something like this modalu pettaru

Wells Fargo, chase, Bofa Kuda islamic mortgage untundhi 

[Android_Halwa]

It’s time RBI gives clearance to Islamic banking, it’s high time now.

[sattipandu]

18 minutes ago, Android_Halwa said:

It’s time RBI gives clearance to Islamic banking, it’s high time now.

collecting interest is haram kada???  

[Android_Halwa]

1 hour ago, sattipandu said:

collecting interest is haram kada???  

Yeah, Interest is haram...so these Islamic banking guys don’t actually lend you money but they pick up the stake for the lending they do...usually a monthly payment which is calculated as a percent of the profit but not interest...and some Islamic banks actually provide services and they charge for the service rather than interest..

For example, if you want to build a commercial complex, the Islamic bank would lend money to you, which is called as ‘investing’ rather than loan and the bank provides services useful for the landlord to build commercial complex, like architecture, raw materials, finding a tent with the help of its subsidiaries and they take a cut in the profits...

Technically its still an interest but terminology is different and most importantly they provide ancillary services and that’s actually very lucrative and such a system will be of very much helpful to Muslims in India who are otherwise excluded from main stream financial inclusion. 

[sattipandu]

14 minutes ago, Android_Halwa said:

Yeah, Interest is haram...so these Islamic banking guys don’t actually lend you money but they pick up the stake for the lending they do...usually a monthly payment which is calculated as a percent of the profit but not interest...and some Islamic banks actually provide services and they charge for the service rather than interest..

For example, if you want to build a commercial complex, the Islamic bank would lend money to you, which is called as ‘investing’ rather than loan and the bank provides services useful for the landlord to build commercial complex, like architecture, raw materials, finding a tent with the help of its subsidiaries and they take a cut in the profits...

Technically its still an interest but terminology is different and most importantly they provide ancillary services and that’s actually very lucrative and such a system will be of very much helpful to Muslims in India who are otherwise excluded from main stream financial inclusion. 

not a bad idea 

thanks i need to read up on this