July 8, 2026

Capitalizations Index – B ∞/21M

Busted: Indian Crypto Ponzi Scheme Lured Muslims With Halal Investment Promises

News – CCN
Busted: Indian Crypto Ponzi Scheme Lured Muslims With Halal Investment Promises

An Indian cryptocurrency Ponzi scheme masquerading as an investment company has crumbled in the aftermath of the Reserve Bank of India’s declaration of cryptocurrency as “illegal tender”. The Deccan Chronicle reported this week that Ambidant Marketing and Investment Company, run by father and son duo Syed Fareed and Syed Afaq Ahmed, used promises of Halal investments alongside misused Ulemas

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