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#16 [Permalink] Posted on 6th January 2020 13:56

I did a quick Google search. My hasty conclusion is that it's a scam. Some people will make money from it, but most will lose out.

Not sure if it's interest based. Islamically interest is not limited to just making money off money. I think selling a non existing product also amounts to interest? There are other concepts of interest as well. An alim will need to guide you on this.

Also, you need to look into the ethical side. MLM marketing involves lying and deceiving others in order to make money.

Get rich quick schemes are ALWAYS dodgy.

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#17 [Permalink] Posted on 6th January 2020 14:08

Currently on Reddit...

Ex-MLM members and recruiters, what are your stories/red flags and how did you manage to out of the industry?

www.reddit.com/r/AskReddit/comments/eklnv0/exmlm_members_...

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#18 [Permalink] Posted on 6th January 2020 15:43

xs11ax wrote:

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no, I haven't met him or know him.

I know of youths that follow him and one of them even met up with him yesterday at a meeting/conf in London.

I told him to ask certain questions as this individual doesn't want to do haram.

All he got out of them was that it's not a pyramid scheme but is mlm.

I told him to get as much info as possible, what they will be selling/trading and so on.

All he got back was:
There is no product that we are selling that has any amount.
(he's not interested in the other aspects of their site, just the forex)

Again, I explained to him that trading in forex is permitted but only in one sitting and of different currencies, not $1 for $1.50 but this has to be done there and then, not give it to someone, a third party, and then they play with the markets and sell where they see a higher value and continue to trade until eventually they decide to cash out.

I think it's all about signing up, getting others to sign up and probably invest a bit of money on the exchange and let the money build up. Sounds dodgy to me.

But things don't help when fatwas are taken out of context of are left vague.

I gave him a better understanding using as many resources as I could find to explain where and why trading in forex isn't right

He has one of those incomplete fatwas from Deoband :( which asks if trading in forex is halal or haram and the simple was given to say permitted

www.darulifta-deoband.com/home/en/Business/24926

Quote:

Question # : 24926

1. Is Forex Trading is HALAL or NOT

Answer : 24926
Published on: Aug 14, 2010
بسم الله الرحمن الرحيم

(Fatwa: 1314/1314/M=1431)

The exchange of one country's currency with that of the other with difference (of amount) is lawful.

Allah knows Best!

Darul Ifta,
Darul Uloom Deoband

If only they gave details for what they meant :( This can be taken for face value and that would be the end of that.

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#19 [Permalink] Posted on 6th January 2020 16:00

Asaaghir wrote:

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Read the reddit link. It's known for these people to fake their lifestyle to entice others. They also go into debt trying to fake a lifestyle.

MLM schemes are just pyramid schemes with a product or service attached in order to skirt the law. But if they are not selling anything then wouldn't that be illegal? Unless they are using some loophole.

A mureed of some hazrat tried to pull me into an MLM. I told him it's a pyramid scheme and I want nothing to do with it. He went in to an explanation why it's not a pyramid scheme, how everyone is making money on it, there is no way you can lose. Last I heard he lost his money.

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#20 [Permalink] Posted on 6th January 2020 17:57

Asaaghir wrote:

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There are other fatawa by DU Deoband wherein they have declared it unlawful.

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#21 [Permalink] Posted on 6th January 2020 18:15

xs11ax wrote:

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Just went through his insta and concur with that you said.

Mostly show boating, nothing more. For a few sponsors and pushing and posing for them.

Also watched a few vids, the guy was talking about Bitcoin and crypto currencies.

Basically, he could be making millions, but not all of it is halal.

My advise to anyone following him, wake up and smell the coffee.

It's not as halal as he makes it look.

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#22 [Permalink] Posted on 6th January 2020 18:20

bint e aisha wrote:

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True.

Depends on the question.

Ask a vague question and get a vague answer. Ask a detailed question, get a detailed answer (sometimes) ask for clarification and refrences, you get that too.

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#23 [Permalink] Posted on 7th January 2020 07:24

MLM in my view
1. One of your close friend/relative takes you to a meeting
2. Fake testimonials, people would try to prove a product that you haven't heard before with some facts(research papers from an unknown university in US).
3. Greed to Dunya/earning money will tempt you
4. People who dont have a proper earning or college students who possess characteristics of 3 will think to invest
5. Buy a product worth $10 for 60$
6. After sometime when you react with the world outside of MLM, you will understand that you were fooled
7. You wont get quick returns, against what your actually dreamt during 2
8. You must get out of it, but your conscience says you were fooled and lost 50$ & atleast you must take the lost money back
9. Now we will find our good friends, relatives who trust us(MLM Breaks the trust)
10. Back to 1

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#24 [Permalink] Posted on 7th January 2020 09:58

پیرامڈ اسکیم کا جھانسہ , بزنس کا جھانسہ

www.youtube.com/watch?v=qTvBKAuZ20Y

Urdu presentation because I would hope that those who speak English are switched on ENOUGH not to fall for this nonsense while this may be new development to Urdu speakers.

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#25 [Permalink] Posted on 7th January 2020 18:23

Muadh_Khan wrote:

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Eagerly awaiting the arrival of

mk_OJ.png

Downloads: 79

[126.03 kB]

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#26 [Permalink] Posted on 7th January 2020 22:06

Yasin wrote:

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You can sign up and pay for it now, delivery commences after you successfully sign up 3 more people.

Unfortunately, these come with no bits, Instead, they take the bits out of you.

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#27 [Permalink] Posted on 9th January 2020 11:30

Asaaghir wrote:

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This guy is fooling Muslims and non Muslims all over. He, along with his associates are recruiting them with falsehood. He himself doesn't believe that Crypto Currency trading is not permitted. He was not a practising Muslim before, however, he has changed his outlook from gangster look to suited and booted in designer labels.

He might go round telling people that it's not interest based, but his income is not Halal. Their method of forex trading is not based on one sitting as permitted.

I've gone through his posts and watched other videos on how this company sells to recruit and then makes it's money. STAY AWAY!

I feel sorry for those youngsters who have been duped into believing that he earns £50k a month. Even if he does, it's not Halal.

As brother Abdur Rahman ibn Awf mentioned, these guys put up fake social media posts. Having sifted through this guys stuff I can tell you that he isn't what he makes out. He might be trading in the forex and crypto currency, but his and peoples aim is to recruit young kids by getting them to sign up. Once they sign up, they encourage them the get their monthly fees waived by signing 2 more people up (Pyramid/MLM) so of course, these youngsters want to save money so instead of doing their research, they spend a few days recruiting until its too late to get a refund. Their refund policy is 7 days only. Therefore, they lose their money and at the same time stitch someone else up.

If they come to realise that they have made a mistake, they may still stitch their friends up and later reveal to them that its all a bunch of non sense, only to save their money.

This guy who earns £50k a month (or even a year) is so loaded that he could only afford to buy his mum a second hand Mini and he bought his dad a B-Class Used Merc from Car Giant (I'm pretty certain)

I don't mean to disrespect him or his family, I'm only pointing out the fraudulent behaviour of the network they are involved in.

From what I can tell, it is a Pyramid Scheme, although they themselves deny this.

60 Second summary from the Gov
Read up on Pyramid Schemes and how to spot them and report them
www.gov.uk/government/publications/pyramid-selling-advice...

The Government wrote:

Pyramid selling schemes are illegal, and people who participate in them are likely to lose money. This summary sets out what a pyramid selling scheme is, the risks of getting involved in one, and how you can report a scheme.

The Government wrote:

If you join a pyramid selling scheme you’re likely to lose your
money. If you promote or operate one you could go to prison.

Hope this helps our brothers and sisters out there.

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#28 [Permalink] Posted on 9th January 2020 14:40

To Confirm similar happenings. This is from a London News paper, The Metro from Jan 2020

metro.co.uk/2020/01/01/student-made-100000-month-investig...

Student who made £100,000 a month under investigation ‘for being a scammer

A student who claimed he was making £110,000 a month from Forex trading is being investigated as a potential scammer. Gurvin Singh, 20, made headlines earlier this year when he claimed to have turned £200 into £100,000 on the foreign exchange market while studying to become a doctor. Instagram snaps of his lavish lifestyle quickly amassed him over 170,000 followers. He made the news again when he handed out £2,000 in £10 notes to shoppers in Plymouth and claimed he would make his first million by January. However, the Financial Conduct Authority has now revealed that they believe Mr Singh and two businesses called GS3 Trades Ltd, GS3 Marketing Limited have been carrying on unauthorised activities. They linked the activities to a website, gurvinsingh.com, Mr Singh’s instagram account @gs_3 and another account, @gs3trades. The website has been scrubbed of all meaningful information and both instagram accounts have deleted all their posts.

The FCA said: ‘Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. ‘However, some firms act without our authorisation and some knowingly run investment scams. ‘This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.’ After his success, hundreds of people looking for investment tips approached Mr Singh. Metro.co.uk understands up to 400 people were referred to a broker by Mr Singh called Infinox. Infinox provides a platform for financial trading and has entities registered in both the UK and the Bahamas. The first is FCA-regulated but the second is not.

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#29 [Permalink] Posted on 9th January 2020 16:11

www.fca.org.uk/news/warnings/international-markets-live-l...

Financial Conduct Authority

FCA wrote:

International Markets Live Limited trading as iMarketsLive
Warnings Published: 21/05/2018 Last updated: 21/05/2018
We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams.

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

International Markets Live Limited trading as iMarketsLive

NOTE: iML changed their name to IM Academy in Sept 2019 (very recently) Scammers do this as expected. The services are exactly the same, the web pages are still the old ones, only the front name has changed.

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#30 [Permalink] Posted on 9th January 2020 18:34

Super!

I've contacted the fraud department but not given names of individuals as I can't prove it persay, but I have given the website address with their london address and explained why it is a fraud.

This IM academy holds the same address as the older iML site which is mentioned above by the FCA.

This is cool, never reported anyone before lol. I might make a habit of it by following these scams and see them through to their fall.

Zaid, it ain't personal, but IMA messed with the wrong religion and wrong people!

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