Amjed Mahmood

Prosecutors: $30M Ponzi scheme targeted Muslims

In Chicago's South Asian community there are three people who defrauded hundreds of Muslim investors out of $30 million.
One of the suspects is a taxi driver turned businessman. His name is Salman Ibrahim and he is thought to be abroad, possibly in his native Pakistan.
One alleged victim, Fazal Mahmood, said he lost more than $200,000 . Part of that money was for putting his two daughters through college.
The other two men indicted were Mohammad Akbar Zahid, 59, who investigators believe also fled the U.S., and Amjed Mahmood, 47, of Des Plains, a Chicago suburb.
Ibrahim and Zahid face bank fraud and other charges, while Amjed Mahmood is charged with conspiracy to commit mail, wire and bank fraud. Each fraud count carries a maximum penalty of 30 years in prison.

Syndicate content