'Private bank' vanishes after duping hundreds in UP

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A private 'bank' that promised Muslims to keep their money secured, has duped hundreds of people of their money and the main accused has reportedly fled to Dubai. According to the police, hundreds of villagers in the Nagina area have lost the hard-earned money they had deposited with 'Al Faizan Muslim Fund Ltd', a facility privately owned by one Mohammad Faizi for Muslims to keep their money in a "secured manner".

So far, 170 police complaints have been filed and the police are in the process of ascertaining the extent of loss to the depositors. The institution had been running for five years in Nagina's Mohalla Lal Sarai. The accused, Faizi, had also employed some agents to get more customers in the villages. Police sources said Faizi may have amassed several crores of rupees. Preliminary investigations have revealed that he had quietly sold off his house in the Nagina town before disappearing.

Earning or paying interest on investment is considered un-Islamic in Sharia and many Muslim families shy away from depositing their money in banks and look for interest-free facilities that these private institutions known as 'Muslim fund banks' provide. Krishna Murari, Nagina Station House officer (SHO, said, "Police have registered a case against Faizi and his partner under the relevant sections of the IPC. Two agents collecting money from people have been detained and are being interrogated."

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