Since January 2018, more than 10 Bengaluru-based investment companies, all operating under the pretext of being Shariah-compliant, have either shut down operations or have stopped paying investors their promised monthly returns.
These companies are believed to have defrauded investors to the tune of hundreds of crores, by systematically targeting the city’s Muslim community. They are believed to have lured the community to invest in their firms, by inducing them in the name of Islam and ‘halal’ investment.
Due to the absence of any public records on these companies, it is impossible to estimate the number of people who have fallen prey to their fraudulent schemes, and the amount of money they have lost.
The Cognate has been at the forefront of reporting about these companies. We were the first news publication to report on the Morgenall scam, and have unearthed many details about the company, and its promoters.
The ‘Halal’ Fraud Investment Schemes Survey by The Cognate is aimed at seeking information about the number of people, who have been defrauded by these companies, how they came to know about these schemes, the amount of money they have lost, and other details. It is intended to be filled by investors in these companies.
This survey will enable The Cognate to compile data-based news reports, educate people about these schemes and to campaign for better regulations of these companies. Please spare 5 minutes to respond to these questions.
The data from the questionnaire will be kept completely confidential and no individual name or identifiers will be used in any reports or publications without specific consent.
Should you have any queries or suggestions regarding the survey, please contact us at thecognate@gmail.com.
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Shaik Zakeer Hussain is the Founder and Editor of The Cognate.
