Three men accused of Sharia-law Ponzi scheme

Three men defrauded 300 Muslim investors and three banks out of $44 million in a real estate Ponzi scheme that promised profits, not interest, to adhere with sharia law, federal prosecutors said on Wednesday: “This is the first time in Chicago that an alleged fraud scheme has been uncovered that used a pillar of Islam to induce potential victims to invest their funds,” Robert Grant, the FBI’s top agent in Chicago, said in a statement.