Hajj Ponzi

A major Ponzi scheme of Madoffesque proportions has come to light in Lebanon. The twist here is that the crook, "Hajj" Salah Ezzeddine, took cover under Hezbollah's popularity in South Lebanon and made off with $1.2 billion according to As-Safir.

The man behind the 12 year old scheme also ran a publishing house that specialized in "resistance books" and a Hajj tour organizing agency. His PR events for Dar El Hadi always had a list of invitees that included HA ministers and MPs which was then used by Ezzeddine to build his image of a pious trustworthy investor who is close to "the party" and made good on 40% returns on investments in "Iranian Steel"... and quite steal it was.

As with every scheme of this sort, hundreds of people have lost al their life savings and are extremely angry, some at Hezbollah itself. It is still a developing story as Ezzeddine is in custody of Said Mirza who in an unrelated note came under an intense attack from Jamil El Sayyed yesterday.. Meanwhile the Finance minister is missing in all of this scandal but in his defense he is digging for a way out of Lebanon's financial dilemma.