Even before developer Salman Ibrahim fled the country more than two years ago it seemed like there was something fishy about Sunrise Equities. Then, reports surfaced from Chicago's Muslim community that Ibrahim had cheated numerous investors out of millions of dollars. Finally, we have a more complete explanation of what Ibrahim was up to. A federal grand jury found that Sunrise Equities ran a Ponzi scheme that defrauded three banks and hundreds of investors out of about $44 million, according to a Crain's report. Ibrahim and his partner in crime, Mohammad Akbar Zahid, used false documents to inflate their own net worth in order to obtain construction loans. One of the victims was the now-defunct Mutual Bank of Harvey, which loaned Sunrise more than $20 million to build Pure at 24 S. Morgan St. in the West Loop.
"Both Ibrahim, 37, a Pakistani national, and Zahid, 59, a U.S. citizen, formerly of Chicago, allegedly fled the country since Sunrise collapsed and was forced into bankruptcy by creditors. They are believed to be living abroad and anyone with information regarding their whereabouts is encouraged to contact the FBI at (312) 421-6700."· Condo developers charged with defrauding Muslims, banks [Crain's]
· $43 Million “Shariah-Compliant” Ponzi Scheme Goes Down [Press Release]