ISLAMIC BANKING FRAUD

There is a new scammer in town. Mr. Muhammad Ramzan is the Chief Executive of Global Development Corporation. He claims that Global Development Corporation is registered and is paying tax in Pakistan. According to him, Global Development Corporation is a subsidiary of Bait Al-Mal Al-Islamic Al-Alami/Muslim World Finance (an associate of Sachee International Corporation, a UK Government Licensed Lender.

Mr. Muhammad Ramzan claims that he is giving interest free loans to individuals and is soliciting deposits and investments in Faisalabad. He plans to start the biggest Islamic Bank in the World and the Bait-al-Maal, the Islamic Central Bank of the World. When I contacted State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP), they denied having issued any license to Mr. Muhammad Ramzan or any of the entities like the Global Development Corporation, Bait Al-Mal Al-Islamic Al-Alami/Muslim World Finance, Sachee International Corporation or any other entity owned or controlled by Mr. Muhammad Ramzan.

Surprisingly, when I read the Loan Agreement provided by Mr. Muhammad Ramzan, it turns out that it is governed exclusively by and construed in accordance with the laws of the State of California, USA! This got me thinking. I did some searching on the internet and guess what? Mr. Muhammad Ramzan is a fraud! He is a scammer and has looted Muslims in UK and USA in the name of Islam!

Mr. Ramzan has already defrauded Muslims living in UK. He is wanted by the Bradford, West Yorkshire Police in UK in the Muslim World Finance Company fraud amounting to more than £2 million in 1992. West Yorkshire Fraud Squad was investigating this scam when Mr. Ramzan disappeared from UK and is absconding ever since. A news report in “The Independent, UK” has reported the fraud in Bradford by Mr. Muhammad Ramzan at:

http://www.independent.co.uk/news/uk/muslims-threaten-revenge-over-their-lost-investments-1580488.html

Then Mr. Muhammad Ramzan appeared in California, USA. He has also committed similar fraud in California and was on an INS hold. In the state of California, the California Department of Corporations, in their Investor Education Digest - Winter 2006 available at:

http://www.corp.ca.gov/Education_Outreach/pdf/winter06.pdf

reveals that criminal charges were filed alleging violations of the Corporate Securities Law against Mr. Muhammad Ramzan, promoter of M/s World Link Trading Corporation. He was on an INS Hold there and the charges were filed to prevent Mr. Ramzan from fleeing to Pakistan. Mr. Ramzan distributed flyers at mosques to solicit investment for making interest free Islamic Loans. He collected US$ 600,000/- but no loans were given. Somehow, he managed to flee USA and land in the Islamic Republic of Pakistan!

With inadequate laws and Law Enforcement Agencies handicapped due to many reasons, he seems to be having a blast at scamming unsuspecting Pakistani citizens. Now he has started his scam house in Faisalabad and is set to spread like wildfire all over Pakistan.

Mr. Muhammad Ramzan is an established fraudster and has made a career out of cheating Muslims in the name of Islam! Someone in the relevant Law Enforcement Agency should place Mr. Muhammad Ramzan under arrest before it is too late. His last known address is:

Global Development Corporation
Chamber No: 213-B, District Courts
Faisalabad.

He is an expert escape artist and will run fast once he has scammed enough people and made millions out of our poor people.