SEC v. Irfan Mohammed

Irfan Mohammed allegedly engaged in a fraudulent scheme through which he obtained approximately $585,000 from members of the Islamic community in Central Illinois. According to the SEC’s complaint, from at least January 2021 through March 2023, Irfan Mohammed received investments based on false representations that his company, Dgtal World LLC, had successful operations offering a payment processing system overseas and that he was expanding these services to companies in the United States. In fact, according to the complaint, Dgtal World had no operations, and Irfan Mohammed misappropriated investor funds for an unrelated business and to pay for his personal expenses. As alleged, Irfan Mohammed lulled investors into thinking their investments were generating a return by using investor funds to make sham payments to investors, including at least one Ponzi payment.

Summary generated from official Securities and Exchange Commission press release