IMAN Invest has acknowledged using investor funds to cover management costs, breaching reserve limits by up to 50 percent, and buying a $128,000 car for its founder — while contesting the $20 million shortfall figure cited by its former Sharia adviser.
Uzbekistan’s IMAN Invest faces allegations of a multimillion-dollar investor shortfall after its private sharia advisory board cut ties, publishing documents it says show investor funds were used for luxury cars and operating costs. The company’s founder denies the core claims and has commissioned a new independent audit.
