Chicago Muslims devastated by investment scam

Posted by Kendall Harmon

Between the prayers that fill the holy month of Ramadan, during the long fasts that stretch from dawn to dusk, Muslims have been meeting to discuss the disappearance of Salman Ibrahim.

The respected businessman persuaded up to 200 Pakistani and Indian immigrants to contribute their savings and mortgage their homes to finance real estate deals.

But Ibrahim vanished in August, leaving his investors with losses that could total $50 million - in some cases their life's savings.

"The scale of impact that this stands to have on a lot of people in the South Asian and Muslim communities is potentially very drastic," said attorney Salman Azam, who filed a petition last week to force Ibrahim's company, Sunrise Equities Inc., into bankruptcy. "There are a lot of very, very sad stories and dire financial situations."

But it's the loss of trust that has really shaken people along Devon Avenue on Chicago's North Side, home to one of North America's largest South Asian communities.

Read it all.

Filed under: * Culture-WatchReligion & Culture* Economics, PoliticsEconomyStock Market* International News & CommentaryAmerica/U.S.A.* Religion News & CommentaryOther FaithsIslam

Posted September 27, 2008 at 3:25 pm [Printer Friendly] [Print w/ comments]

1. Katherine wrote:

You can drive down Devon Ave. in Chicago and for several blocks you could easily be in South Asia, traffic congestion and indiscriminate parking included.  Driving west, you leave South Asia and enter a conservative Jewish neighborhood, with men in black coats and black hats on the streets.

September 28, 3:32 am | [comment link]
2. Harvey wrote:

Sad lack of knowledge or a certain amount of stupidy is found in all cultudres and it seems the Chicago Muslims have been taken in.  By their own national crooks at that.

September 28, 2:36 pm | [comment link]
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