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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
Damn sure. he misused power. He threatened. Not her fault
Sad incident. i feel something is wrong. why will she escape from the hospital
police should do proper investigation.
Policemen needs bigger punishment than ordinary people. Dont they have ethics
Policemen needs bigger punishment than ordinary people. Dont they have ethics
Shame on you chinnappa. You uttered a typical Indian mentality of judging the woman when she suffers a rape
Looks like she moved out at her free will and faced such consequence. her fault
Need to change punishment system. We need something that arise fear to repeat. like chopping head publicly
so many grey areas are there.. such as hospitals, offices, schools, police station. need to have something emotionless creature.. robots or something else inorder to keep safe our sisters
What is the difference between RSS and ISS, R and I? R for Rowdy, I for Intelligence, so Rowdy and Criminal is equal so do not compare, Criminal is Criminal, Intelligence is Intelligence.
Woman is safe in India during Modi rule (if i say woman is unsafe under Modi rule, i will be called an anti-national)
A woman was gang raped and later she went missing. But people here are fighting with each other in the name of ISIS, RSS, ISI.. shame on you people.
wow ! naren kotian what a brilliant statement........... you should join FBI better hhhhhhhhaaaaaaa...
Dear Mr. NAren... How exactly you know that? You must be a member of RAW or ISI or ISIS or RSS I guess.
ISIS or its associate in India RSS must be behind raping this innocent girl. Israeli Secret Intelligence Service (ISIS) head SIMON ELLIOT (fake name Abu Bakr Baghdadi), Jewish actor trained by MOSSAD in terrorism and the same MOSSAD has been associated in training RSS - terrorists.
ISIS hand cannot be ruled out. people belonging to one particular community do all criminal activities posing as different people. Here they dressed like police and committed crime.
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