<p>A private 'bank' that promised Muslims to keep their money secured, has duped hundreds of people of their money and the main accused has reportedly fled to Dubai.</p>.<p>According to the police, hundreds of villagers in the Nagina area have lost the hard-earned money they had deposited with 'Al Faizan Muslim Fund Ltd', a facility privately owned by one Mohammad Faizi for Muslims to keep their money in a "secured manner".</p>.<p>So far, 170 police complaints have been filed and the police are in the process of ascertaining the extent of loss to the depositors.</p>.<p>The institution had been running for five years in Nagina's Mohalla Lal Sarai.</p>.<p>The accused, Faizi, had also employed some agents to get more customers in the villages.</p>.<p>Police sources said Faizi may have amassed several crores of rupees.</p>.<p>Preliminary investigations have revealed that he had quietly sold off his house in Nagina town before disappearing.</p>.<p>Earning or paying interest on investment is considered un-Islamic in Sharia and many Muslim families shy away from depositing their money in banks and look for interest-free facilities that these private institutions known as 'Muslim fund banks' provide.</p>.<p>Krishna Murari, Nagina Station House officer (SHO), said, "Police have registered a case against Faizi and his partner under the relevant sections of the IPC. Two agents collecting money from people have been detained and are being interrogated."</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>
<p>A private 'bank' that promised Muslims to keep their money secured, has duped hundreds of people of their money and the main accused has reportedly fled to Dubai.</p>.<p>According to the police, hundreds of villagers in the Nagina area have lost the hard-earned money they had deposited with 'Al Faizan Muslim Fund Ltd', a facility privately owned by one Mohammad Faizi for Muslims to keep their money in a "secured manner".</p>.<p>So far, 170 police complaints have been filed and the police are in the process of ascertaining the extent of loss to the depositors.</p>.<p>The institution had been running for five years in Nagina's Mohalla Lal Sarai.</p>.<p>The accused, Faizi, had also employed some agents to get more customers in the villages.</p>.<p>Police sources said Faizi may have amassed several crores of rupees.</p>.<p>Preliminary investigations have revealed that he had quietly sold off his house in Nagina town before disappearing.</p>.<p>Earning or paying interest on investment is considered un-Islamic in Sharia and many Muslim families shy away from depositing their money in banks and look for interest-free facilities that these private institutions known as 'Muslim fund banks' provide.</p>.<p>Krishna Murari, Nagina Station House officer (SHO), said, "Police have registered a case against Faizi and his partner under the relevant sections of the IPC. Two agents collecting money from people have been detained and are being interrogated."</p>.<p><strong>Check out the latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>