Massive Fraud in the name of Halal investments in Bengaluru : Ubaidulla Shareef
CBI inquiry urged against the private companies promising high returns
BENGALURU: Karnataka Pradesh Congress Committee General Secretary Mohammed Ubaidulla Shareef, has urged the Chief Minister to order a CBI inquiry against the private companies which are playing fraud on investors by promising high returns in Bengaluru.
He has asked the authorities to immediately seize passports of the owners of such companies and prevent them from fleeing abroad. Mr. Shareef has requested the Chief Minister to take measures against the companies for release of funds to the gullible people caught in the net.
Speaking to media, he pointed out that a number of entities in Bengaluru are luring investors systematically by registering themselves with the Registrar of Companies, and many Muslims have fallen under their trap. Some of such companies he said are: - Ambident Marketing Pvt. Ltd., Aaala Ventures Pvt. Ltd., Ajmera Pvt. Ltd., Buraq Ventures Pvt. Ltd., Innovative Pvt. Ltd., Alfa Traders, JSJ Global investments, Iqra Investment Pvt. Ltd., Muzariba Investment, Zam Zam Investments, Morgenall Pvt. Ltd.,
He further briefed that all these companies are Muslims managed ones and have risen to prominence in the last three to four years. “It was greed that made many persons park funds in these companies by selling their houses and sites. People have invested their hard earned money saved over the years for marriage of the children or to perform Haj and Umrah in these companies,” he added.
He further alleged that some of these entities have multiple companies registered under their brand name. Morgenall has twenty companies registered under its management; likewise, Aaala has seven and Ambident three companies, for pulling investments under different schemes. Investment plans of these companies have no approval from either RBI or SEBI.
Of late, many of these companies are transitioning themselves into Co-operative Societies by saying that they are streamlining investments in a better Islamic way. Laws of Cooperative sector do not permit business on Islamic concepts. But the companies are mobilizing funds from the Muslims in the name of Islamic and halal investments, said Sharif . He also disclosed that to lend credence to their activities, some companies have engaged Aalims who are playing a frontal role and some are running the business on the strengths of hired muscle men.
- Mohammed obaidulla sharief. Chief Editor The Daily Pasban and General secretary Karnataka Pradesh Congress committee.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
