The Hindu·3 min read·medium
Halal Fayidha Co-operative Society denies investment scam allegations
T
The Hindu Bureau
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The Halal Fayidha Co-operative Society in Kannur has denied allegations of financial irregularities or a collapse. The society maintains that it only collected share capital from members and has not accepted deposits.
Halal Fayidah Co-operative Society Limited, Kannur, an Islamic banking initiative launched under the leadership of the CPI(M), has denied allegations that it has collapsed or that an investment scam has taken place. The society said it had never accepted deposits and that the money collected from members constituted only share capital.
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