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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
We pray to ALLAH, for your quick recovery
May ALLAH Help you
All the best Mr. Bava!
Bawa ka Eer daane mool?
Yaan moole Yereg aauwuye kiri kiri Car d popina
Mool ragaale ijji selfie geppuni jappuni hahaha.......
Whatever may people say.... Mr. Moideen Bava is able bring a lot of money from state govt or central govt. to his region...and works are in progress. I am not aware of much in politics, but Bava's smiling Photos we can see everywhere (especially in Krishnapura)...and he is a happy man. His smiling face even in the hospital is some thing explains what is \Moideen Bava\". I pray for a speedy recovery. Let him learn more and take interest in helping all poor people of his region whatever may be their religion (Hindu, Muslim, Christian....all.)"
KEEP HOPE ON ALMIGHTY AND HE WILL PROTECT YOU FROM ALL OBSTACLES AND HINDRANCES BY PROVDINDG SERVICES TO THE PEOPLE HONESTLY.
WISH U SPEEDY RECOVERY.
Oh we can see comments from tolerant guys here..
We wish you a speedy recovery bhai.. May Allah protect you and all muslims from all evils.
our prayer are with u MR Bava u have done very good work for surathkal blessing from poor people is always with u
GET WELL SOON
Moideen Bava a Great Personality !!!!!!!!!!! u got 100 crores people blessing.
all goes well, praying for u always.
get well soon bava ji...
our MLA moideen bava we are proud to have u here in our constituency. we expect more good work from your side, for that u have to be healthy and smart. praying always for u, get well soon, will try to visit hospital.
Big Fraud !!!!!!
nobody can do anything to bava as far as we are there, look like bjp is jelousy on bava, may be their is hand behind of this incident
Really sad to hear this, get well soon bava we are with u, u have done very good development work in our locality. we are always kind to u.
ohhh really tragic incident look at the car... praying for speedy recovery of bava kaka.
just missed !!! next time bava be careful :).
ohh bava!!! allah is always with u... people's dua will save u always from all the incidents, keep the good work up, Please careful next time, change the driver soon,
our prayers are with u bava, u have done very good work in surathkal locality, poor people's blessing is always with u, get well soon
Avoid Hitting a pedestrian, pedestrian kathe govinda.
Rash driving caused this accident, Moideen Bava Should be charged.
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