Bengaluru: The city has seen many scams come to light in Bengaluru recently. After IMA and AIMMS Ventures coming under the scanner for fraud, Bengaluru Police tracked down and arrested Misbah Mukarram, director of Injaz Builders and Developers, for cheating people in the name of Halal investments to the tune of Rs 89 crore.

The Central Crime Branch has charged Misbah under various sections of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978, and also the Chit Funds Act, 1982.

Injaz Builders and Developers is part of Injaz International which is involved in construction as well as aviation apart from chain link schemes and other business services.

Misbah had been under the CCB scanner since the beginning of the year. He was supposed to return Rs 250 crore to investors. His associates Suhail and Shariff sought anticipatory bail from city civil and sessions court, and also promised to return the money.

The court had given them a deadline of April 9 to clear the debt.  However, when he was left with a debt of Rs 89 crore after he crossed the deadline, Misbah went into hiding.

A CCB team led by inspector Yathiraj arrested Misbah on the night of June 13 at a residence in Bengaluru.

Misbah had been running a chain link multi-level marketing scam. Most of the investors were Muslims who were coaxed into investing in the company in the name of 'halal investments.'

He had promised investors returns as high as 25%, said reports.

The Injaz Builders and Developers office in Bengaluru was raided by the investigation wing of Income Tax Department back in June 2017 along with the office of another fraudulent company Ambidant Marketing Pvt Ltd on suspicion of running Ponzi schemes and routing hawala money.

Meanwhile, in the IMA scam, owner Mansoor Khan is still absconding. One of the company’s investors, Afzal Pasha, who had invested Rs 8 lakh in the firm died of a heart attack. He had invested money that was saved for the wedding of his daughter. The wedding was set to be held in August, but Pasha could not withdraw the money after IMA stopped providing returns.