IMA Ponzi Scam Case:Twenty Thousand complaints filed against IMA Jewellery founder Mansoor Khan,Karnataka government sets up SIT,7 Directors arrested

PRAMESH S JAIN
IMA Ponzi Scam Case:Twenty Thousand complaints filed against IMA Jewellery founder Mansoor Khan,Karnataka government sets up SIT,7 Directors arrested :
Biggest ever fraud case in Bengaluru.
Highlights :
The Ponzi Scam storm kicked off on Monday when investors stormed IMA jewels showroom.
IMA took investments from innocents in the takeaways of SHARIAH.
Funds complaint with Islamic law.
Prohibition of investments in certain business.
Inability to evaluate scale of investments.
More than 25,000 complaints have been filed in IMA scam so far.
Many are women’s in the investors and many Police officers are also investors and part of this Ponzi Scam company IMA.
Investors have lost money they saved for wedding,education,medical bills etc.
IMA jewels owner Mansoor Khan blamed MLA Roshan Baig for his troubles.
After IMA scam came into the limelight,other Ponzi Scams were revealed as well.
The police have formed teams to trace him.
Most of the investors in Khan’s firm are Muslims.
SIT Formed to Investigate IMA Jewels Scam After Missing Owner Threatens to Commit Suicide
Karnataka government sets up SIT to investigate IMA Jewels scam.
East Division police led by,DCP East, Rahul Kumar Sharpode,Commercial street police inspector Shekar BK with PSI,Kiran PB, Probationary PSI,Arjun,and other officers have arrested seven board of directors of IMA and produced before the magistrate and remanded to 10 days police custody by the court on Wednesday.
Auditor of IMAIP Bullion and Trading LLP arrested. Auditor Iqbal khan arrested relation to IMA Multi-Crore Fraud case.Iqbal Khan is important figure in the CA Association in Bengaluru.
Seperate counter for the victims was set up by East Division police of Commercial street police for two days at ASC Conventional hall in Shivajinagar and today they shifted it to Ganesh Bagh with six Seperate counters and marathon of complaints and victims from across state are coming and still registering the complaint.
A 11-member Special Investigation Team (SIT) has been formed by the Karnataka government to probe the alleged financial fraud perpetrated by an investment firm in Bengaluru, leaving thousands of investors in the lurch.
The owner of the city-based IMA Jewellers, Mohammed Mansoor Khan, disappeared two days ago, after allegedly threatening to commit suicide.
Seven directors of I Monetary Advisory (IMA) Group were arrested on Wednesday in connection with the Ponzi scheme a fraud about 10 Thousand Crores,
that has ripped off over 25,000 people across the state of hundreds of crores of rupees.
The Seven accused has been identified as,Nasir Hussain, Naveed Ahmed Nattamkar, Nizammuddin Azeemuddin, Afshan Tabassum, Afsar Pasha and Arshad Khan were among those who surrendered.However, Mansoor Khan the Managing Director of the company is absconding.Police said they recovered loads of documents from the IMA offices on Lady Curzon Road in Shivajinagar and Jayanagar. Most of the arrested directors had completed only Class 10 or 12.
Auditor of IMAIP Bullion and Trading LLP arrested. Auditor Iqbal khan arrested relation to IMA Multi-Crore Fraud case.Iqbal Khan is important figure in the CA Association in Bengaluru.
The arrests came as the Karnataka government appointed Deputy Inspector General of police,(DIG) of Fire Force BR Ravikanthe Gowda will be the chief investigating officer,under him,DCP Crime,Girish,S will be investigating officer as IO, of the 11-member Special Investigation team to probe the alleged scam.The other members of the team are ACP,CCB,Balaraju,CID,DYSP, K Ravishankar,DYSP,State Intelligence,Raja Imam Kasim and DYSP Lokayukta,Abdul Khadar with five police inspectors as,Smt.C.R.Geetha,of Lokayukta,L.Y.Rajesh of BDA,Anjan Kumar of CCB,N.Thanveer Ahmed of SCRB,B.K.Shekar of Commercial Street police Station with other officers and staff will conduct a investigation.
The number of investors who lodged complaints from Monday till Thursday has crossed 25,000.Several investors demanded that the matter should be referred to the Enforcement Directorate.
Since Monday thousands of IMA’s investors have thronged its offices in central Bengaluru in fear of losing their investments after a WhatsApp audio, purportedly that of IMA’s MD Mansoor Khan threatening suicide had gone viral.
In the audio which was also sent to the City Police Commissioner, Mansoor is heard saying that the Shivajinagar Congress MLA, Roshan Baig (although he did not explicitly raise his name in the clip), had taken Rs 400 crore from him to contest the 2019 Lok Sabha Elections.
The issue became so big that even the Chief Minister of Karnataka HD Kumaraswamy was also forced to react and he directed Home Minister MB Patil to take stock of the situation.
A Special Investigation Team (SIT) is being set up to inquire into complaints by hundreds of investors that IMA Jewels has stopped returning their deposits and paying hefty interest on them,” Patil told reporters after a meeting with top police officials.
The team will be handpicked today and will be headed by an officer of ADGP rank. Following that the SIT will issue a request with the Interpol to apply a red corner notice to nab Mansoor who has allegedly fled to Middle East.
With the allegation against Roshan Baig and majority of the victims being Muslim, the Congress also went into a hurdle with MLAs of the Muslim community holding a meeting with the Home Minister.
The IMA issue is one of the biggest ponzi schemes to have surfaced in Bengaluru. It is similar to the Ambidant scheme where Muslims are the majority if not the only victims of these schemes.
Bengaluru ‘halal’ ponzi scheme victims meet top govt official, urge for intervention:
The scamsters took advantage of the victim’s religious beliefs.Unlike fixed bank interest rates which a section of Muslims consider to be anti-Islam, these companies sold their plans as a form of partnership business with the promise of high returns of 10-12% within a month.The plan was to lure customers to invest their life savings by staying true to the offer for the first few installments.
IMA was reportedly offering 24-30% interest per annum on their savings, a dozen Muslim leaders met Patil and asked for sealing of the firm’s office and seizing gold, jewellery, diamonds and cash in its showroom.
Worried investors express anger .
Investors : To get Rs.13,000.till March 2019 we would get money on a regular basis as it was the month of Ramzan,we didn’t ask for the money.We planned to get the money after Eid-UL-Fitr.We invested money for my children’s education and marriage he said.
A senior citizen investor said,I invested Rs.45 lakhs here and so for that I borrowed Rs.75 lakhs as loan.I used to pay an EMI of Rs.1,04,000 here,they used to pay me Rs.1,17,000 so I would manage my EMIs with money I got from the investment suddenly they stopped paying me money.I have submitted my property documents as collateral for the loan amount.I never doubted anything like this would happen, that’s why we didn’t think of withdrawing the amount.We thought investing here is safer than doing some other business so I didn’t withdraw my money he said.
A worried investors from Kolar said.
A women investor said,By listening to the people who invested money here in this firm around Rs.5 Crore was invested by the people of our village expecting that they will get more money.Two of my brothers who are cooks by profession,invested their hard earned money for their daughter’s education instead of getting them married.Now all the invested money is gone.Both of my brothers invested Rs.7 and 8 lakhs respectively recently,my brothers wanted to withdraw the invested money but due to elections and Ramzan holidays,they didn’t get the chance.We planned to get the money on the 10th of June but on the evening of the 9th the news of the scam broke out she said.
A Tea Vendor from Kolar said, I am a tea vendor,i have a tea shop and I have been running it for 15 years.All the hard earned money which I earned from my tea business was invested here.I also invested some of the money which has been given by my mother-in-law as well.
Another investor said many people have invested their hard earned money for their education medical expenses marriage and other but I have deposited around Rs.1.5 lakhs here.Many elderly parents who are not getting any care from their children would have invested their provident fund money or by selling their properties.
Senior citizen who is dependent on the commission which he gets from this IMA after investing his 10 lakhs said,I invested Rs.10 lakh here.The money which I invested here was earlier deposited in the post office and SBI.Now I brought all the money to IMA as I was getting good interest here for Rs.10 lakh I used to get Rs.30,000 per month.For three months I didn’t receive any money from them.Now after this issue it has became a serious issue for me to run my family I am diabetic and hypertensive now I’m in a situation in which I am contemplating suicide he said.
Government VKO School,Government V.K.O.PU College,Pre-Primary and High School.runned by Mansoor Khan.
VKO School Principal told media persons,This school management was operated by IMA around 73 teachers work here in this school.Now,after this issue teachers are questioning management as who will pay their salaries.So,teachers stopped taking classes for the students.I went and spoke to the management regarding this issue and we are unable to handle the situation.Government has alloted only 3 teachers to this school,but the school strength is around 940 students.After discussing with the management we granted leave for two days she said.
VKO School students parents,told media persons,Due to the IMA scheme issues, this school has not been functioning for the last 2days.Teachers stated that the management has transferred the authority to some other people.So the school will function as usual after this Two-day break.We all are parents who are waiting here.Authorities say Mansoor Khan will take responsibility and sort this issue.
Senior Congress leader R. Roshan Baig on Wednesday demanded that IMA Jewels scandal be handed over to the Central Bureau of Investigation (CBI).The demand comes a day after Karnataka chief minister H.D. Kumaraswamy announced the formation of a special investigation team (SIT) to probe the Bengaluru-based company that has allegedly defrauded thousands of people to the tune of at least Rs.700 crore.The government has formed the SIT and I welcome that. However, along with IMA there are many other companies and they have duped many people,” Baig said in Bengaluru on Wednesday. The main accused, Mohammed Mansoor Khan, had named Baig as part of the conspiracy to drive the former out of the city and also alleged that the legislator had borrowed Rs.400 crore from IMA.Meanwhile, senior Congress MLA from Shivajinagar and former state minister R Roshan Baig charged that his political adversaries had orchestrated the “series of events” to tarnish his character.His accusation was based on an audio clip purportedly containing the voice of Khan, in which he alleged that he had paid Rs 400 crore to Baig, which he did not return.He again and again appealed to chief minister of Karnataka to handover the case to CBI,ED and request to handover all the Ponzi Scheme cases to them as they have expertise and they can issue red corner notice and he will be nabbed soon by them as even many politicos are involved so I request chief minister to handover the case to CBI he said.
Hundreds continue to stand outside the Shivaji Nagar showroom of IMA Jewels, part of I Monetary Advisory, unwilling to budge until they get clarity over the repayment of investments made over the years. IMA had collected investments claiming to invest in commodities like gold, silver, property and promising returns of around 3% per month or around 36% per year.
Baig, in a series of tweets earlier in the day, wrote that his political adversaries had made a full-fledged attempt at assassinating the former’s character by orchestrating a series of events using underhanded methods.
Karnataka’s food and civil supplies minister and minority welfare minister B.Z. Zameer Ahmed Khan is also allegedly involved in the scam.It is true that I have had business associations with IMA. It’s a 13-year-old company and I had sold them a plot of land for Rs.9.36 crore, there is a sale deed. If any further involvement of mine is proved then I am willing to face any punishment,” he said in Bengaluru on Wednesday.As most of the investors are ordinary people,including women from all occupations, we are worried about the safety of their savings, which are meant for the education or marriage of their children. The state government should arrest Khan and get their deposits returned with interest,” State Food and Civil Supplies Minister Zameer Ahmed Khan told reporters after meeting with Patil.He even lashed at reporters by blaming them even you are a part of the investors amount as he used to give huge advertisements and many channels used to get good sum of money for the advertisement he added.
Chief minister H D Kumaraswamy tweeted on Wednesday, saying the SIT would be headed by Deputy Inspector General of Police B R Ravikanthe Gowda.The SIT will have five police inspectors too.The police have registered a case against IMA Jewellers and Khan in commercial street police Station in the crime number 73/2019 U/s,420,406.
The investors camped at IMA Jewellers’ office at Shivajinagar here for the third consecutive day, waiting for some progress in the case and to build pressure on the police and the government to get their money back.
The Bharatiya Janata Party (BJP) too demanded a CBI inquiry.
“Is the government not able to see the sufferings of the investors? Doesn’t it have eyes, ears and a heart? It should get the accused arrested if it has the guts or else, it should hand over the matter to the CBI,” BJP MLA Eshwarappa said.
On Thursday more murkier details stumbled It is alleged that he has even taken a contract to construct Skywalks in Bengaluru 14 Skywalk tender was given to IMA jewels chairman and Managing director Mansoor Khan and a meeting was held in his office with leaders.
Khan duped directors.
Khan had met IMA directors before fleeing and had asked directors to convert gold into cash. IMA directors have reportedly given Mansoor Khan Rs.20 Crore after converting gold.
Mansoor Khan allegedly invested fraud Monday in Abroad by floating FEMA Act.ED has been conducting probe into Mansoor Khan’s illegal investments.Mansoor Khan allegedly fled after learning about ED probe against him.
Khan Duped Cops!.
Mansoor Khan allegedly invested fraud money Abroad.
Khan allegedly invested money by floating FEMA Act.
ED has been conducting probe into Khan’s illegal investments.
Khan fled after learning about ED probe against him.
Shoddy investigation proves costly in IMA Multi-Crore Fraud case.
RBI wrote a letter to DG&IGP of karnataka state Neelamani N Raju after receiving information from ED.
RBI had asked DG&IGP to conduct probe into IMAs fraud.
DG&IGP had instructed CID to conduct probe.
CID issued public notice urging affected people to lodge complaint.
No complaint was filed against IMA.
CID allegedly conducted probe for the heck of it.
Preliminary report submitted by CID to DG&IGP that no complaint filed and it is share market company!.
DG&IGP submitted report to RBI.
RBI submitted the report to ED.
After receiving report from RBI ED again wrote a letter to RBI to conduct a thorough probe.
RBI again wrote a second letter to DG&IGP to conduct a detailed investigation as we alleged that many politicos and police officers are involved in this so conduct a proper probe RBI wrote a letter to karnataka DG&IGP.
After receiving a letter from RBI Again as on 1st June 2019,DG&IGP,Neelamani N Raju called Additional Commissioner of Police,Crime,Alok Kumar to her office and gave instructions to look into this companies transactions and conduct a thorough probe.
On 4th June 2019,Alok Kumar instructed DCP Crime,Girish S,to summon the Mansoor Khan for inquiry based on which they called him on his mobile number he said he is in Mumbai so the cops asked him into appear before them as soon as he came from Mumbai he appeared before Alok Kumar and DCP Crime,Girish.S,at his office as the DCP has collected basic information about his company and his transactions so they both grilled him for about 5 hours in their office and said him that we will visit to your office so keep all the records ready as soon as he was left it is alleged that he went and held a meeting with their board of directors and collected all the information about his assets and cash and then he instructed them to go on leave and give leave to all the staff in all the branches and put a public notice outside the shop and close all the branches it is alleged before flying to abroad he asked his directors to convert gold into cash and he asked them to bring 20 Crore rupees cash after converting gold and he called them 50km away from Bengaluru by telling we will distribute money among investor so they went there and handed over him 20 crores cash and he duped and fled to abroad it is alleged.
Former Karnataka CM and Congress-JDS Coalition Government Coordination Committee Chairman Siddaramaiah said that Congress MLA Roshan Baig should speak before the SIT on multi-crore IMA scam in which his name was mentioned.Speaking to media person here on Thursday, he said that the government has formed SIT to investigate the IMA scam and former Minister Roshan Baig should speak in front of the investigation officer and not in front of the media.The investors will get their money back and investigation will also reveal the names of the persons involved in the scam, he added.
As soon as the case file and documents related to IMA case with 25,000 complaints relevant documents were handed over to SIT officials formed by state government DIG,Ravikante Gowda,DCP Girish.S,ACP,Balaraju and team took all the seven directors into their custody and for precautionary as some can drill the jewellery shop the cops have seized the IMA head office as showroom in Shivajinagar and they are interrogating the directors and CA as Auditor in a undisclosed location or place and the cops have detained Mansoor Khan’s car from Kempegowda International Airport.Khan’s car with registration number PY05-C-7777,was left abandoned at KIAL from June 6th.Police Mansoor Khan left his car in parking lot of KIAL before fleeing the country and a case has been registered in Commercial Street police Station under the crime number 73/2019 under various IPC sections and further investigation is underway by Special investigation team as SIT.