Subscribe to the print edition of National Mortgage Professional MagazineSubscribe to our RSS feedFollow us on TwitterGet daily updates via emailJoin us on Facebook

Amjed Mahmood

Three in Illinois Accused in $43 Million Muslim Real Estate Fraud Scheme

Black Gavel Pic/Credit: Brand X Pictures

Three owners of a bankrupt Chicago real estate development firm that purported to adhere to Islamic law in handling investments from individuals in the Chicago area and nationwide actually operated a Ponzi scheme that defrauded hundreds of victims and three banks of more than $43 million, according to a federal indictment. The defendants, who owned Sunrise Equities Inc., allegedly fraudulently obtained more than $40 million from more than 300 investors through the sale of promissory notes and fraudulently obtained more than $29 million in loans from three area banks.Click to continue