Private bank Al Faizan Muslim Fund Limited disappeared after cheating crores in Nagina

New Delhi: For five years, a private bank named ‘Al Faizan Muslim Fund Limited’ was running in Mohalla Lal Sarai of Nagina in Uttar Pradesh, in which people from nearby villages used to deposit their hard-earned money. Some agents were also hired to deposit money in the bank, who used to open people’s accounts and deposit money. According to the information, this private bank was being run by a man named Mohammad Faizi, who has now been devastated by taking crores of rupees.

Police have registered a case against Faizi and his accomplice under relevant sections of IPC. Two agents who collected money from people have been detained and are being questioned.

According to police, hundreds of villagers in the Nagina area have lost their hard-earned money deposited with the ‘Al Faizan Muslim Fund Limited’, a facility privately owned by Mohammed Faizi for Muslims to secure their money. way to keep it.”

So far 170 complaints have been registered and the police is in the process of ascertaining the damage caused to the depositors.

The institution was running in Mohalla Lal Sarai of Nagina for five years.

The accused Faizi had also appointed some agents to bring more customers to the villages.

Police sources said Faizi may have deposited several crores of rupees.

Preliminary investigation revealed that he had quietly sold his house in Nagina town before disappearing.

Earning or paying interest on investments in Sharia is considered un-Islamic and many Muslim families shy away from depositing their money in banks and look for interest-free facilities which these private institutions are known as ‘Muslim Fund Banks’. go.

Nagina Station House Officer (SHO) Krishna Murari said, “Police have registered a case against Faizi and his accomplice under relevant sections of IPC. Two agents who collected money from people have been detained and are being questioned.”

(With agency input)

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