In Uttarakhand’s Jwalapur, thousands of Muslims have been duped by a private “bank” that promised to keep their money safe. A Muslim Fund operator in Jwalapur has reportedly run away along with crores of rupees that were deposited by thousands of Muslims in the ‘Muslim Fund’.
Upon receiving information about this, several people reached Jawalapur police station to lodge a complaint against the Muslim Fund operator who has been identified as Abdul Razzaq. Subsequently, police initiated a search to nab the absconding accused.
According to the police, the accused was running an interest-free transaction office in Jwalapur in the name of the Muslim Imdadi Fund for the last 10 years. Thousands of people, including those in Jwalapur and the surrounding areas, have opened accounts with him and daily contribute a portion of their income to the fund. The amount was withdrawn as and when needed.
As per an ETV Bharat report, accused Abdul Razzaq had opened an office near Jwalapur by the name Kabir Mutual Benefit Nidhi Limited. Around 22,000 Muslim residents of Jwalapur and nearby villages had deposited their hard-earned money with the Muslim Imdadi Fund. The amount deposited by people in the ‘fund’ ranges from 10 to 50,000 rupees.
According to reports, the office was closed for the past few days. Even the fund’s employees, who used to visit neighborhoods in the area did not show up for a while. The rumor that the Muslim fund operator fled had spread by Sunday morning, prompting depositors to inform the police.
It is pertinent to note that according to Sharia, earning Riba or interest charged on loans and deposits is Haram (prohibited). Such private funds offer Muslims a facility where interest is neither charged nor extended.
Notably, a similar case was reported in Uttar Pradesh’s Bijnor in April last year, wherein Bijnor Police arrested a person identified as Mohammed Faizi. He had absconded after duping customers of the Muslim faith of crores of rupees in the name of a ‘Sharia-compliant Muslim Fund’ named Al-Faizan Muslim Trust.
