<p>The managing director of Injaz Builders and Developers, another suspected Ponzi firm, has been arrested after being on the run since April. </p>.<p>Misbahuddin S Mukarram, accused of duping investors to the tune of Rs 89 crore in the name of Halal business, was on Tuesday picked up by CCB sleuths from a house where he was hiding. </p>.<p>Alok Kumar, Additional Commissioner of Police (Crime), said Mukarram had lured people with Halal investment schemes and offered as much as 25% monthly returns. The company had been in operation since at least 2016. </p>.<p>The scam was estimated at more than Rs 2,000 crore before the CCB started investigating it earlier this year. Sleuths had raided the company’s offices and seized documents. But Mukarram and his associate Suhail Ahmed Shariff moved a city civil and sessions court for anticipatory bail. They also filed an affidavit before the court, promising to return the investors’ money. The court gave Mukarram time until April 9. The deadline passed but Mukarram failed to return the money and went underground. </p>
<p>The managing director of Injaz Builders and Developers, another suspected Ponzi firm, has been arrested after being on the run since April. </p>.<p>Misbahuddin S Mukarram, accused of duping investors to the tune of Rs 89 crore in the name of Halal business, was on Tuesday picked up by CCB sleuths from a house where he was hiding. </p>.<p>Alok Kumar, Additional Commissioner of Police (Crime), said Mukarram had lured people with Halal investment schemes and offered as much as 25% monthly returns. The company had been in operation since at least 2016. </p>.<p>The scam was estimated at more than Rs 2,000 crore before the CCB started investigating it earlier this year. Sleuths had raided the company’s offices and seized documents. But Mukarram and his associate Suhail Ahmed Shariff moved a city civil and sessions court for anticipatory bail. They also filed an affidavit before the court, promising to return the investors’ money. The court gave Mukarram time until April 9. The deadline passed but Mukarram failed to return the money and went underground. </p>
