Social media was buzzing in anger as women from different Facebook groups called out a Pakistani entrepreneur Sidra Humaid for allegedly swindling around Rs. 42 Crores.
So what happened? Reportedly, Humaid is an entrepreneur with 2 businesses, one for food and the other for creating crocheted gift items.
Eventually, she started to get involved in committees, she won the trust of several women and started to organize more committees.
However, about 3 days ago, she took to her social media account to share that she is bankrupt and has hired an accountant to help her and her husband figure out how to pay people their money back.
She added that they allegedly live on rent and don’t have properties or assets that can be sold to claim and recover the money she owners.
In a public apology, she wrote:
Public apologyHello Friends and loved ones,My name is Sidra Humaid and I am reaching out to the world through this public apology to inform people about my current position regarding my committees (Beecees). I have really messed up my committees and now I am practically bankrupt and have no means to pay off my committees. I started off with small committees and it worked well for me but as it grew and I opened more committees to help my friends and loved ones with their difficulties, I found myself in trouble of paying more and more money each month. To solve the monthly payments issue I had to start more committees and that eventually resulted in a rolling loop that had no end. Now I have to pay so much money, which I cannot even calculate.I would like my friends and loved ones to pray for me during this tough time and for those who I need to pay, I can only say that I am not running away but I would need time to pay you off. Right now i don’t have any timelines on when i would be able to pay but inshaAllah i will pay all of you in the coming years. I have already started receiving threat calls and messages of people trying to harm me or take legal actions against me. I am trying to calm them down but I understand it’s their money and they have the right to be angry but I just want people to understand that I am in no position right now to pay and all I want is some time to adjust my financial conditions so that I can make better decisions from now on and pay them off as soon as I can. I am reaching out to the world not because I want people to sympathize with me but I am seeking ways on how to pay off my loans.If my Croise and Daily Bites are allowed to continue and my customers, friends and loved ones still support my businesses then I would be able to earn and pay off my loans. Similarly, if my committees in which I still have receivables on a later date/month are allowed to continue without me paying from now onwards then at least I would be in a position in the future to pay off my loan with my receivables (after deductions). So I would request my committee members to not dissolve the committees and continue without me so that not only most of you will get the amount but I too would be in a position to pay off the remaining amount in the future.People are suggesting that I sell my assets to pay off the loans. I would like to inform everyone that me or my family do not own any such properties or other assets that we can sell. We live in a rented apartment and even if I sell off my household items, I would not be able to pay any substantial amount. Therefore, I would request you all for any other solution if you can help me in making any strategy to solve this issue .Most of you know me for years and years and you all know my intentions were always clean and I am not a scammer or someone who will rob someone. I know I will lose and I think I have already lost all the respect from a lot of people and I have ruined almost everything I have made uptill now but it was not intentional. It’s been three to four months that i have been in so much trouble because of my committees and the deadly cycle it created and i was trying to cope with it but now I am in a position that i can’t even handle it.No doubt committee is a good genuine way of solving your financial issues but I would like to warn everyone who is involved that this can lead to the amount mounting up and you eventually get stuck in a vicious cycle. My committee amount that I was receiving was practically just being reinvested/utilized to pay off my other committees and I never had the chance to use that money for any of my personal use. I am now in a position where I have a lot of debt on me against an amount of money that I never used for myself but rather used it to pay off other committees.I understand that I have made a grave mistake and I take full responsibility for it. I am not running away or hiding, you can always contact me on my number and I am here till I pay my last rupee that I owe. However, I would need the support of my loved ones during these trying conditions. Through this public apology I am not trying to find an easy way out but I am just accepting my mistake and I am looking for solutions on how to get myself out of this.Please keep me in your prayers.
She assured the committee members that she and her family will pay back each and every person and that they will not run away. Moreover, they’ve started paying back some of them and eventually will pay the rest in the upcoming months.
We have already started paying out members whose amount were reconciled and we will continue to make payments in the coming days.I have not run away anywhere and I and my family are working on making the payments. Please note that everyone will be paid in the coming months.
While some people reacted in anger, asking that she be arrested, others showed their sympathy and said that if she is willing to pay up and has admitted her mistakes, she should be given a chance to prove it.
We have now to see what Sidra Humaid and her family do to take themselves out of this situation and how those who lost their money can reclaim it.
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