From Reuters: Three men defrauded 300 Muslim investors and three banks out of $44 million in a real estate Ponzi scheme that promised profits, not interest, to adhere with sharia law, federal prosecutors said on Wednesday.
Salman Ibrahim, 37, and Mohammad Akbar Zahid, 59, claimed that Sunrise Equities Inc earned monthly profits on real estate investments, not interest, in the alleged scheme that took in a total of $69 million from 2003 to 2008, according to a federal indictment unveiled by the U.S. attorney’s office in Chicago……………………………………….Full Article: Source