Madhya Pradesh police arrests Al-Falah University founder's brother in 25-year-old investment fraud case

BHOPAL: The Madhya Pradesh police on Sunday arrested Hamud Ahmad Siddiqui, brother of Al-Falah University founder-chairman Jawad Ahmad Siddiqui, in connection with three cases lodged over two decades ago. Hamud was arrested by the Mhow Police from Hyderabad on Sunday and later taken to Indore. According to police, 50-year-old Hamud has been accused in four cases: one dating back to 1988, which pertained to rioting and attempted murder, and three cases on alleged investment fraud registered in 2000. The police said the arrest was part of a special drive to nab wanted criminals who have been on the run for years. ...In 1996, he (Humud) operated an investment firm with the help of his wife and another person. The firm secured investments from individuals with the promise of 20% returns. He ran the firm for two years but then fled from Mhow without returning the investors money, said Indore Rural district police superintendent Yangchen Dolkar Bhutia. In 2000, three cases under Section 420 IPC were registered at Mhow police station against Hamud on complaints by investors who allegedly lost investments to the tune of Rs 40 lakh-plus, she added. The Al-Falah Fincom Investment Private Limited, which was operated by Hamud as its managing director along with his wife and another person in the late 1990s, is accused of duping investors to the tune of Rs 40 lakh plus. Im sure the sum may be much higher, which will be revealed as the investigation progresses, she claimed. According to police, in 2019, a bounty of Rs 10,000 was placed on his arrest. In 2019, a reward of Rs 10,000 was declared on his arrest, but he remained untraced. Were currently running a special drive to nab all those wanted criminals who have been on the run for years. Hamuds arrest from Hyderabad is part of that drive, Bhutia said. She, however, added that Hamuds brother, Jawad Ahmad Siddiqui, wasnt named in any of the cases registered in Mhow in 1988 and 2000. Jawad Ahmad was summoned by the Delhi Police earlier today in connection with the ongoing investigation into the Faridabad terror module case and the two cases registered against Al-Falah University for alleged forgery and cheating. According to Parvez Ahmad, an advocate based in Mhow town of Indore district, it was Jawad Ahmad who had originally started an investment firm in Mhow in the early 1990s under the name Al-Falah Investment, which operated from the family's ancestral home in Kayastha Mohalla. While Jawad left Mhow and shifted to Delhi, his brother Hamud opened a new investment firm, Al-Fahad, which allegedly indulged in multiple cases of investment fraud. Abdul Khalid, who was an employee at Al-Fahad, was later arrested in the investment fraud case after he started his own firm. But Hamud remained at large for more than two decades, police said. Delhi police summons Al Falah University chairman in terror module, forgery probes