Posted on 09/27/2008 12:00:31 PM PDT by FocusNexus
Both Indian and Pakistani community of Chicago and its suburbs are in a state of unrest and shock due to an unbelievable investment scam worth millions-of- dollars targeting the community and sudden disappearance of Sunrise Equities's CEO Salman Ibrahim.
State regulators are considering criminal charges against a developer named Ibrahim, who fraudulently persuaded hundreds of muslims to invest in real estate deals. Some gave Ibrahim their life savings or mortgaged their homes before he disappeared in August. Investors say they may loose more than USD 50 million.
Salman Ibrahim, CEO and President of the Chicago-based Shariah compliant financial services firm, which provided the market with competent and innovative Shariah Compliant investment products and services, duped the community.
Ibrahim founded the company in 2001 as a religious financial service in accordance with muslim law of Shariah, meaning interest free investment. He would take money from people and pay them an amount in profits every month.
People started investing larger amount of money in his business. Ibrahim along with his partners continued taking money from the community, which they invested in community business for nearly eight years and distributed profits as well.
Being well known in the muslim community in Chicago, Ibrahim was appointed as one of three Vice Presidents of the Shariah Board of America. He also became well-known among the Muslim clergy in Chicago.
Lawyers for the investors are trying to force Ibrahim's company Sunrise Equities into bankruptcy. The state has suspended Sunrise's rights to do business.
A fool and his money...they should have looked at his credentials, not his religion. They were greedy and stupid. Anything that is too good to be true, usually is.
If they had invested in real US banks, they would still have their money -- even in today's financial crisis money in banks is safe.
LOL, hey MUZZIES, WELCOME TO AMERICA!!!
BWAHAHAHAHAHAH!!!!!
I can't imagine how those USD 50 million got loose... Somebody must have left the safe open, huh... If those investors don't keep closer tabs on their money, they might actually lose it... I'm serial...
I’d lay odds there is a connection to Obama somewhere in this.
Shariah Board of America is a “Division of Rahmat-e-alam Foundation” which is another non-profit we taxpayers subsidize. Maybe I didn’t look hard enough, but I couldn’t find a website for Rahmat-e-alam Foundation.
http://www.shariahboard.org/HomePage.aspx
“Ali Baba and the forty Thieves”..
It appears to me that he just insured that there was no interest from their investments, all according to Shariah.
“I’d lay odds there is a connection to Obama somewhere in this.”
If there is, Jesse Jackson won’t be the only one searching for O-boy’s manhood!
There is a (PDF) link on the right side of this page which describes the rahmat-e-alam foundation, which this sharia board of America is a “division” of. They are non-profits.
http://www.shariahboard.org/HomePage.aspx
“Invest in the future of islam in the USA” it says...:|
Ole Ibrahim found his 72 virgins early on.
"Ibrahim founded the company in 2001 as a religious financial service in accordance with muslim law of Shariah..."
Makes you wonder what he's going to do/has done with the money.
HA, HA, HA, HA, HA, HA, HA, HA, HA, ... ROTFLMAO!!!!! This couldn’t happen to a better bunch. I wish someone would investigate muslim lending companies, real estate agents and groceries in the Chicago area. Rampant fraud and abuse.
If they’re only screwing muslims then who cares? I figure a criminal is at least diverting money from all of the umbrella groups that channel money to Hamas, Fatah, al Queda, and etc.
More like diverting it TO terrorist groups.
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