The Kanpur police arrested Syed Khizar Hussain, one of the accused in the Ambidant Ponzi Scheme case, in Bengaluru on March 24. Hussain is reported to be an accomplice in the multi-crore Ponzi scheme, which systematically scammed investors, mostly Muslims by promising them halal returns.
Hussain, a resident of Bengaluru was arrested by Kanpur police based on a complaint filed by a Kanpur-based man under sections 420 (cheating and dishonestly inducing delivery of property), 406 (punishment for criminal breach of trust) and 506 (punishment for criminal intimidation) of the IPC. The case was also registered against the father and son duo Syed Ahmed Fareed and Syed Ahmed Afaq, the main accused in the Ambidant case.
Ambidant Marketing was established by Syed Ahmed Fareed and is alleged to have amassed vast sums of money by specifically targeting Bengaluru’s Muslim community in the name of Halal investment. The company lured investors with hefty monthly fixed returns and even promised to double the amount within a few months. Police had started an investigation into the company, after hundreds of duped investors held a protest in Freedom Park in November 2017.
“From inception (on 20.12.2016), the company has so far received investment totalling to ₹954.05 crores,” the Enforcement Directorate (ED) had said in a statement in 2018.
