Sharia Law Scam Exposes Deeper Rot in India's Financial System The recent arrest of con woman Nowhera Shaik, who duped investors out of Rs 6,000 crore using sharia law as a smokescreen, highlights the vulnerability of India's financial system to Ponzi schemes.
Shaik and her associates used a familiar playbook: promise sky high returns to unsuspecting investors, invoke sharia law to skirt regulations, and then disappear with the loot.
Their modus operandi is all too common in India, but what sets this case apart is its sheer scale and audacity. Over 1. 7 lakh people were duped into investing their hard earned money, only to lose everything.