|The Pure condominium building, a steel-and-glass West Loop residential high-rise at 24 S. Morgan.|
Condo at heart of fraud allegations
Muslim investors might lose $80 million
By LORRAINE SWANSON
The Pure condominium building, a steel-and-glass West Loop residential high-rise at 24 S. Morgan, markets itself on a Web site as a place to live distinctively, stylishly, intelligently and even “harmoniously.”
But the development company that backed Pure is now causing a group of Muslim investors, many from the city’s Far North Side, discord and strife. They are alleging Sunrise Equities, a Shariah-compliant real estate firm that put up Pure, defrauded them out of tens of millions. And the firm’s CEO, Salman Ibrahim, hasn’t been seen in Chicago for more than a month now.
Attorneys representing the victims recently filed a petition in federal court requesting that Sunrise Equities be forced into bankruptcy. More than 100 investors are believed to have been defrauded out of an estimated $80 million, many of whom took out home equity loans or invested their life savings into Sunrise’s real estate developments.
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