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Muslims in Chicago shocked by investment scam

CHICAGO (AP) - Muslims in Chicago are shocked by the disappearance of Salman Ibrahim.

The Muslim businessman persuaded up to 200 Pakistani and Indian
immigrants to contribute their savings and mortgage their homes to
finance real estate deals. Then in August, Ibrahim vanished, leaving investors with losses that could total 50 million dollars. Many believe he has returned to his native Pakistan.

Ibrahim was a member of the Shariah Board of America, a group of
clerics that advises Muslim investors. The board certified Ibrahim's company, Sunrise Equities, as conforming to Islamic law, which prohibits Muslims from earning interest on investments. Sunrise paid dividends in lump sums.

But during a meeting in August, Ibrahim told about 50 investors that banks were demanding 1 million dollars from him. The group decided to chip in and help him. A few weeks later, Ibrahim
disappeared.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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