Enforcement Directorate uncovers Rs 6,000 crore Ponzi scam targeting Muslims; mastermind Nowhera Shaik arrested in Gurgaon
मुख्य बातें
- •A Rs 6,000 crore Ponzi scheme targeting Muslims following Sharia law was uncovered by the ED.
- •The scheme promised up to 36% annual returns and was masterminded by Hyderabad-based Nowhera Shaik.
- •Shaik was arrested in Gurgaon after months on the run; she had previously misled courts and agencies.
- •Approximately 1.7 lakh investors lost their deposits, while early investors received fake returns to maintain the fraud.
- •ED seized 12 luxury vehicles and Rs 92 lakh in cash during a 2024 search at Shaik’s residence.
- •An associate impersonating a PMO official was arrested in January 2024 for obstructing asset sales.
- •Assets worth over Rs 400 crore have been confiscated and are being restituted to victims.
The Enforcement Directorate (ED) has exposed a massive Ponzi scheme worth over Rs 6,000 crore that specifically targeted Muslims who follow Sharia law, which prohibits earning interest on investments. The scam, masterminded by Hyderabad-based entrepreneur Nowhera Shaik, promised unsuspecting investors annual returns of up to 36%. Over several years, the scheme collected over Rs 6,000 crore from victims, most of whom were reportedly Muslims adhering to religious principles that discourage interest-based investments.
