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'Private bank' vanishes after duping hundreds in UP
Updated On: 16 January, 2022 11:30 AM IST | Uttar Pradesh | IANS
The institution had been running for five years in Nagina`s Mohalla Lal Sarai
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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.
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