The head of the Muslim investment website, Muslim Pioneer, is at the center of a significant investment fraud scandal, facing serious accusations from numerous clients alleging a “Ponzi scheme.” Aaqib Ahmed, the founder of Muslim Pioneer, is accused of misappropriating substantial funds by promising high investment returns that he allegedly knew were unsustainable.
Aaqib Ahmed, founder of Muslim Pioneer, faces accusations of operating a Ponzi scheme, impacting numerous investors.
Accusations detail that Mr. Ahmed purportedly transferred client funds to create the illusion of genuine returns, which were, in fact, derived from subsequent investors’ capital. This alleged practice is characteristic of a Ponzi scheme, where early investors are paid with money from new investors rather than actual profits.
5Pillars gained access to a WhatsApp group named “Victims of Aaqib Ahmed,” revealing a widespread outcry. This group, with over 100 members, is filled with complaints and testimonies from individuals claiming to be victims of Mr. Ahmed, reporting significant financial losses and alleged theft.
Mr. Ahmed has been formally reported to Action Fraud and police authorities. Subsequently, he has acknowledged “shortcomings” within his business operations and has publicly committed to reimbursing his affected clients.
Confession Video Emerges Amidst Muslim Pioneer Scandal
As allegations against Muslim Pioneer and its founder intensified across the UK Muslim community, fueled by growing testimonies on WhatsApp and social media platforms, a video surfaced purportedly showing Mr. Ahmed in a “confession.”
Screenshot from the leaked video call, purportedly showing Aaqib Ahmed discussing the financial discrepancies at Muslim Pioneer.
In this video, Mr. Ahmed is seen via Zoom discussing the unfolding scandal with individuals believed to be former business associates. The context of the conversation and the identities of the other participants remain unclear.
During the exchange, an interviewer questions Mr. Ahmed about the whereabouts of substantial sums of money, reportedly in the tens of millions. Mr. Ahmed’s response suggests that the funds were primarily used to pay clients and his team.
When pressed further about potential investments, Mr. Ahmed denied investing the money elsewhere, stating that funds were only used for payouts within the Muslim Pioneer network.
In a critical part of the video, Mr. Ahmed appears to confess to operating a Ponzi scheme. When directly asked if the presented investment opportunities were essentially fraudulent from the outset, Mr. Ahmed mumbles in the affirmative.
He estimated the total debt owed to clients for their original investments to be between £5 to £10 million. The video also captures a moment where Mr. Ahmed becomes emotional, expressing remorse and acknowledging his dishonesty and mistakes. He mentions concerns about his personal life, stating his desire to “come clean.”
This 11-minute video excerpt was leaked within the “victims” WhatsApp group by an anonymous source, raising questions about Mr. Ahmed’s awareness of the recording and its potential dissemination.
Aaqib Ahmed and the Muslim Pioneer Platform
Aaqib Ahmed identifies himself as a “legacypreneur” and established the Muslim Pioneer investment platform in 2009, according to his LinkedIn profile.
The Muslim Pioneer website describes itself as a movement focused on “empowering and elevating the Muslim community” by creating a faith-based ecosystem that supports halal online businesses. The platform gained significant visibility through social media marketing and sponsorships, including on Islam Channel, notably as a sponsor for Islam Channel’s Global Peace and Unity event. However, Islam Channel has reportedly ceased airing Muslim Pioneer advertisements following the emergence of these allegations.
Muslim Pioneer offered services such as mentoring and coaching programs aimed at assisting Muslim entrepreneurs in building successful online businesses. The website claimed that Muslim Pioneer members had generated over £350 million across their online ventures and contributed to over £1 billion in revenue for their clients.
Packages like Legacyprenuer University (Legacy) and The Done For You (DFY) Programme were marketed as “business in a box” solutions designed to help Muslims grow their wealth. Legacy was initially a Facebook marketing course, reportedly successful in its early phases after launching post-2017. However, sales declined sharply by 2020, making it difficult for Mr. Ahmed to attract new clients.
The DFY programme, launched around 2023, is now central to the Ponzi scheme allegations due to its promises of substantial returns on investment.
Promotional material for the DFY scheme, allegedly using endorsements without consent, highlighting the aggressive marketing tactics employed by Muslim Pioneer.
The DFY scheme is alleged to have operated as a Ponzi scheme, with investors reportedly not receiving genuine returns but rather payouts from a pool of funds contributed by newer clients. This method allegedly created a false impression of profitability, encouraging further investments. Since the scandal became public, all payouts have been halted, with investors receiving vague assurances of future refunds. The mechanisms and timeline for these refunds remain unclear, as does the total debt of Muslim Pioneer.
Prior to these recent events, concerns about Muslim Pioneer had already surfaced. Islamic scholar Dr. Zakir Naik publicly disavowed any association with Muslim Pioneer in a video released in September 2024. Dr. Naik clarified that he does not know Muslim Pioneer or Aaqib Ahmed personally and condemned the unauthorized use of his image in their promotional materials, deeming such practices as potentially fraudulent and against Islamic principles (haram).
Aaqib Ahmed’s Public Statement on Muslim Pioneer
5Pillars sought a statement from Mr. Ahmed regarding the allegations surrounding Muslim Pioneer and the alleged Ponzi scheme.
In his response, Mr. Ahmed stated that he was “threatened and pressured” into making certain statements but affirmed his “commitment” to working with investors to return their funds.
He acknowledged “shortcomings” within Muslim Pioneer and his team, leading to the current business breakdown. Mr. Ahmed assured his commitment to working with investors for fund returns, as stated in his official communications. He also claimed to be pursuing legal action and filing a police report due to threats and pressure, while reiterating his dedication to finding amicable solutions for returning original investments.
Understanding Ponzi Schemes and Investment Fraud
A Ponzi scheme is defined as a fraudulent investment operation that attracts investors and pays profits to earlier investors with funds taken from more recent investors. Named after Charles Ponzi, these schemes deceive investors by falsely claiming profits are from legitimate business activities, which are either nonexistent or significantly less profitable than advertised.
Operating, selling, or promoting a Ponzi scheme is a criminal offense in England and Wales, carrying a maximum prison sentence of 10 years for fraud upon conviction.
Ibrahim Khan, CEO of Islamic Finance Guru, commented on Ponzi schemes, noting their deceptive nature. He highlighted that Ponzi schemes initially appear successful by delivering promised returns, which lowers investors’ caution, leading them to invest larger amounts, often exceeding what they can afford to lose.
