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Bengaluru, June 24: City-based I Monetary Advisory (IMA), which duped thousands of families, mostly Muslims, in the name of halal investment, has become a bitter reality of "we were robbed by our own people". All the accused except its CEO Mohammad Mansoor Khan have been released on bail in this ponzi scam worth thousands of crores of rupees.
The scam has not only been investigated by SIT and CBI, but it has reverberated many times in the Assembly, corridors of power, and in the courts.
Around 80,000 investors are in trouble after the Monetary Advisory (IMA) scam came to light. Many investors have left this world, many families have split, many marriages have broken down and many have become unemployed, homeless, helpless and hapless. One of the senior IAS office, who had faced arrest in the scam, reportedly killed himself just a day ago.
It has been more than a year since this multi-billion scam came to light. But the affected families still do not see any ray of hope. The government, led by senior IAS officer Harsh Gupta, has set up a special competent authority to address investor grievances in the matter.
According to information provided by Harsh Gupta, investors have to be paid Rs 2,900 crore. But the value of the company's assets seized so far could be around Rs 450 crore. The process of auctioning the assets has not started yet. The authority has developed an online portal for submission of claim forms from investors. But the process of taking applications has not started yet. Syed Gulab, a social worker overseeing the case, says that after all the claim forms have been submitted, we will get a clear picture about the exact number of investors and the total amount of arrears. But this process may take a few more months to complete.
Senior journalist Maqbool Ahmed Siraj says that IMA has systematically deceived people in the name of halal investment through capital scheme. In 2006, Muhammad Mansoor Khan, a one-time small businessman, set up a company. He began to attract large number of investors by creating the greed for more profit among middle class and poor people.
By 2015, the company had received money from more than 12,000 investors and continued to pay monthly profits. By the time the company closed in 2019, 80,000 people had invested their hard-earned money here. In Bengaluru, the company expanded its reach by investing in two major gold showrooms, hospitals, schools, several medical stores, a publishing center, a supermarket, and real estate firm.
Mr Siraj says that Mansoor Khan and his team not only lured the poor and middle class to pursue their own interests but also created a favourable atmosphere for their so called business by winning the hearts of politicians, government officials, clerics, religious institutions and media.
Unsuspecting people invested their money in a bid to make more profit in less time. When the company stopped making profits and Mansoor Khan suddenly fled on June 9, 2019, the investors woke up the to the reality.
Apart from residents of Bengaluru and other parts of Karnataka, people from Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra other states also have invested their money.
Comments
i dont see 2 fools commenting anything here....naren and viren.....
Let this unity and understand remain between us..If we public live in this attitude the Bajrangeez will leave India.....Jai HInd.......
Manoj
Dragging religion on terrroism - Its also a narrow minded deception from the media.. right . When someone does good it irks others..
Inala lilai wainail rajoon
Nowardays people think Muslim's are bad, even if they do a job still some non Muslim's problem, as per u all know.... Instead praying for them for rest in peace ,bringing religious issues and matter in middle.... My people pray for them ...and leave all hateness between religion.... Pray allah u give them high place and degree in janah
Dear Manoj,
The intention of specifying the rescuer as MUSLIM, is just to show dot those ill minded people who have negative image on all Muslims.
This is the logic behind it. Everybody should know though the choice of religion is their own will/ business. However maintaining harmony with other religion has no bound and no barrier.
Unfortunately religion has been identified in the society as TITLE of Criminals OR Innocents.
We are way behind KERALITES as they live together peacefully with cooperation, in harmony, keeping the religion as their own business.
Religion never says to severe the relation with others.
Let us make our living style also same as Keralites or better than them.
May God Help
Dear Manoj,
The intention of specifying the rescuer as MUSLIM, is just to show dot those ill minded people who have negative image on all Muslims.
This is the logic behind it. Everybody should know though the choice of religion is their own will/ business. However maintaining harmony with other religion has no bound and no barrier.
Unfortunately religion has been identified in the society as TITLE of Criminals OR Innocents.
We are way behind KERALITES as they live together peacefully with cooperation, in harmony, keeping the religion as their own business.
Religion never says to severe the relation with others.
Let us make our living style also same as Keralites or better than them.
May God Help
True Muslim
Inna lillahi wa inna ilaihi rajiwoon.
May ALLAH grand him Jannathul Firdous - AAMEEN
CD, the heading line seems as COMMUNAL
May All you saved entire human being \ - Holy Quran.lah bless him Jannah In sha Allah. \" Saving one innocent is equa
I salute you, as a great muslim and a great Indian."
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