Abdul Razzaq, who allegedly escaped by extorting money from people in the name of Muslim Fund, has been arrested by the Haridwar police along with his two accomplices. The arrest was made on Friday morning.

According to the police, the investigation conducted so far has revealed that Abdul Razak had lost around six crore rupees in the process of laundering black money and converting old notes to earn huge sums. Apart from this, a plot bought with Muslim funds was sold by Razak at a loss of Rs 2 crore.

Police also said that 23 bank accounts of the main accused and his suspected accomplices have been frozen and details of their movable and immovable assets are being collected. Haridwar City SP Sutantra Kumar gave these details in a press conference after the inquiries so far.

According to the police, Abdul Razzaq ran away with crores of rupees from thousands of people by running 'Muslim Fund' in Jawalapur, Haridwar. The police had registered an FIR and started investigation in the matter and the police had also issued a lookout notice against Abdul Razzaq, director of Kabir Mutual Benefit Fund Limited (Muslim Fund).

Many of the account holders are poor and had been depositing small amounts of money with Abdul Razzaq for years so that they could use the money in times of need, but Razzaq's escape left them feeling cheated. were

On the other hand, there are people who still have faith in Abdul Razak and hope that the whole matter will be cleared after Razak comes forward.

Muslim Fund was running for about 25 years:

Abdul Razzaq is a resident of Sarai village in Jowalapur. He was running a chit fund named Muslim Fund in Jawalpur since 1997. For some time now, he was also doing the work of buying and selling property.

According to local people, he is a Hafiz of Quran and that is why he had a good reputation in the area, people respected him. In the last 25 years till date there has been no disturbance so people had confidence in him.

We met Armaan and Arsalan outside a Muslim dhaba opposite the office of Kabir Mutual Benefit Fund Limited.

According to Arman, the office of Muslim Fund was not opening for two or three days, but people thought that they were stuck in some work.

But on Sunday, January 22, suddenly word spread that Abdul Razak had escaped with people's money. In no time, account holders started gathering outside the fund's office.

Hundreds of them reached Jwala Puri Kotwali and there was a commotion. The police somehow calmed the anger of the people by giving them the confidence to take proper legal action against Abdul Razzaq. A case has been registered against Abdul Razzaq under various provisions in Kotwali Juwalapur.

What is Muslim Fund?

Uttarakhand spokesperson of Jamiat Ulema Hind, Shah Nazar has explained that it is not permissible to give and take interest according to Sharia. Therefore, banks or financial institutions that neither charge nor pay interest are called Muslim funds.

Such financial institutions neither pay interest on deposits nor charge interest on loans given to account holders.

Abdul Razzaq's Kabir Mutual Benefit Nidhi Limited (Muslim Fund) also operated in a similar manner and since most of its account holders were Muslims, they were assured that their money was deposited in an Islamic manner.

But from what the police investigation has revealed so far, it seems that Abdul Razzaq was using the money collected in an 'Islamic way' in an un-Islamic way.

This means that Abdul Razzaq had deposited this money in several banks and was charging interest from them. Based on the accumulated amount, they also took loans on which the banks had to pay interest.

Account holder:

Abdul Razzaq's modus operandi was similar to that of a chit fund and most of its account holders are poor people.

The chit fund collection agents used to visit these people daily and give the account amount to be deposited in their account based on the day's savings. Every deposit was recorded in the pass book.

Account holders themselves could also come to the office and deposit the money. There was no interest on this amount, but the account holder could withdraw his deposit if needed. Interest-free loans were also given from the fund, for which jewelery etc. had to be deposited as collateral.

The police summoned and questioned the employees working in Kabir Mutual Benefit Fund Limited and obtained information about the accounts. According to this fund, there were total 13 thousand such accounts in which money is deposited.

Out of these, 8500 accounts have deposits of less than Rs 500, meaning these are accounts from which money cannot be withdrawn. There are 1,107 people who have more than Rs.10,000 in their accounts. The amount listed in them ranges from six to seven lakh rupees.

The special thing is that this fund does not only have accounts of Muslims. About two and a half thousand Hindus also have accounts in this fund.

Locals say that Abdul Razzaq changed the name of this fund to Kabir Mutual Benefit Fund Limited two years ago. Earlier this fund of Razak was called Muslim Fund.

Freeze accounts, prepare to add assets:

Investigations conducted so far by Haridwar SSP Ajay Kumar Singh are estimating that Rs 7 to 7.5 crore should be accumulated in People's Kabir Mutual Benefit Fund Limited. Apart from this, a loan of one and a half crore rupees has also been given against gold. The value of this accumulated gold should also be around two and a half crore rupees.

Police have so far found 23 accounts of Muslim Fund belonging to Abdul Razzaq and his two associates, which were frozen so that no transactions could take place in them.

The SSP also said that a list of all the properties bought by Abdul Razzaq and his associates is being prepared. Apart from this, the properties of Abdul Razzaq's family members are also being investigated and whatever they have. Undisclosed property found will be confiscated. It shall be deemed to have been taken from the money of this fund.

By Tuesday evening, the police had found a registry of 22 properties in the name of Abdul Razzaq and his family at the Haridwar registrar office.

The police also confiscated around Rs 6 lakh collected by the fund's collection agents in the last two days.

How can 25 years of trust be broken in one day?:

Abdul Razzaq's absconding has caused many people to fear losing all their savings, while there are still many who do not believe that Abdul Razzaq could cheat.

He said, "We asked him that there is a cooperative bank a few steps away from this Muslim fund, why didn't you deposit money in it?"

A poor woman named Khurija has little savings but her problem is big. Due to the absconding of Abdul Razzaq, his 76 thousand rupees are stuck. She is very worried because her husband has passed away and she has the responsibility of two young daughters.

His daughter is getting married next month. She is asking where she will get the money for him. They have neither property nor anyone else to help them.

Khurija also visited Haridwar Ward 41 councilor Israr Ahmed and told him her distress.

Asrar Ahmed says that many such people are coming to him with complaints. Many people are very worried that all their savings are stuck in this fund. Was there any fear of betraying him like this? Asrar Ahmed and two people who were with him said, "That man was good".

Why are some people's trust still not broken?

Israr Ahmed says how can 30 years of trust be broken in one day? Don't know what's up? They say that Hafiz Abdul Razzaq is a resident of village Sarai in Jowalapur and has a joint family of three sons. All three sons are married.

Two of his sons worked with Abdul Razzaq at the Muslim Fund. One son runs a school up to 8th standard in Jwalapur itself. According to Asrar Ahmed, Abdul Razzaq started investing in real estate after starting Muslim Fund.

After the formation of the state, the land prices in Uttarakhand increased, so their property also increased a lot and they started to be counted among the prosperous people of the region. But all was not well for some time.

He says, 'It is heard that he was troubled for almost a year. They were also preparing to sell their land. It is also being heard that they had taken land somewhere and their partner cheated them. Asrar Ahmed said that when they came forward and found out what the matter actually was, then the people sitting with them also agreed with him.

The police are also waiting for Abdul Razzaq to come forward and the account holders like Armaan, Khurija are also waiting for him. Many of them have everything at stake in Razak's Muslim Fund.