Arathi Krishna meets NRK businessmen, labourers in Jubail

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.

Mangaluru, Feb 21: The local units of Vishva Hindu Parishad and Bajrang Dal today staged a protest in the city against Amulya Leona, who raised pro-Pakistan slogans yesterday in Bangaluru.

Amulya is the daughter of Wazi Noronha, a former leader of minority of wing of BJP in Koppa taluk of Chikkamagaluru district. He had worked in support of hardline BJP leader and Udupi-Chickmagaluru MP Shobha Karandlaje, and D N Jeevaraj, who had represented Sringeri constituency last time.

The 19-year-old B.A. student was arrested on sedition charge after she raised pro-Pakistan slogans to embarrass the organisers of a peaceful protest against the Citizenship (Amendment) Act in Bengaluru.

Demanding stringent action against Amulya, a group of activist of VHP and Bajrang Dal staged protest at Kadri Mallikatte Circle in the city. Speaking on the occasion, M B Puranik and Sharan Pumpwell demanded NIA probe into the incident.

Also Read: Amulya Leona — a Naxal or Sangh Parivar stooge?

New Delhi, Feb 13: Two SpiceJet pilots have been suspended today for an improper landing at Mangalore Airport which damaged three runway edge lights. The incident took place on October 31 last year when the private carrier's Boeing 737 aircraft was returning from Dubai.

The Directorate General of Civil Aviation (DGCA) suspended the licenses of the pilots for four-and-half months from the date of the incident.

DGCA had issued a show cause notice to the Pilot in Command and the First Officer demanding explanation of the "lapses" and found their replies unsatisfactory, the aviation watchdog said in a statement.

Investigation revealed that the touchdown was improper as it deviated to the the left on the runway in turn damaging three runway edge lights.