Chicago seems to be famous for two things these days: the presence of disturbing Jihadists and corruption.

The story linked below combines those two elements. It seems three Muslim men, Salman Ibrahim, Mohammad Akbar Zahid and Amjed Mahmood, put together an investment swindle to illegally borrow money from Chicago banks and bilk investors out of their hard earned wealth with a Shariah-Compliant real estate investment scheme…

Three owners of a Chicago-based real estate development firm have been charged with fraud for allegedly cheating investors out of $43 million while claiming to be compliant with Islamic law.

A federal grand jury returned a 14-count indictment against the owners of Sunrise Equities on Tuesday, U.S. Attorney Patrick Fitzgerald said in a Wednesday statement. Federal officials said Salman Ibrahim, the majority owner and president of the now-bankrupt firm, and Mohammad Akbar Zahid, senior vice president of investor relations and a 10-percent owner, told clients that their investments would comply with Shariah law.

http://chicagobreakingbusiness.com/2010/11/chicago-real-estate-firm-cheated-investors-by-citing-islamic-law.html

 

One Response to Three Muslims charged in Chicago Islamic-based Ponzi scheme

  1. Take a look at this 20-year long tax scam, too..

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