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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
Congratulation Harinath!! all the best for your future plans.
So many rejected votes that means so many elected representatives whichever party they belong not educated enough at least how to vote. One who vote them has to be blamed. what work they can do for the betterment of the society. The majority of the winning candidate to knows raise two fingers only while they win.
jai jai BJP, Congrates Sumithra all the best.
Congratulations & All best wishes to our New Mayor harinath. Let Mangalore develop under your leadership.
Congratulations to deputy Mayor too. jai ho congress.
Look at our Photo obsessed congress leaders of Mangalore namely Bava & Vinayraj. Pushing and posing is their birthright.
Give first priority to invent Cancer (communal riots) treating medicine which is taking lot of innocent lives in Coastal area due to some dangerous virus spreading it. If you succeed in this you will be remembered as a best scientist in the History.
Congratulation......Keep going...All the best.
Congratulations to the newly elected Mayor and Deputy Mayor.
Finally we got a mayor.
Congrats to both of you.
Congratulations on being elected as new Mayor for MCC. Do your best to take this city as the best city in the state.
Hope new mayor won't use dhow as done by earlier mayor during flood..as a joyride..!!
Congratulations harinath, you deserve this after serving long years and we look forward your good works and smiling face.
Next What????? making money ya making developments?????
Congratulations Mayor and Deputy Mayor. God bless you both and all the best
Congratulations harinath, I am sure you will work for the development of Mangalore, specially on drainage and drinking water. May God be with you and grant you good health to work for the welfare of the people.
All credit goes to Khader, Lobo, Raikulu.....Congis worried about vote bank as all states are sweept by BJP and they are looking to retain Karnataka with the help of Minorities!
This is your mission to serve the city without looking your pocket, but serve the city with selflessness.to maintain safety in the region......don't look for the party and religion but serve as human.All the best
Please work enthusiastically, united, share each other, bring amicable solution for the problems,include innovative practices, future plans, keep vision Goal and mission.
Unnecessary Politics. Groupism should be banned. It is very unhealthy in the community.
Election is over. Sink your differences. All the members have the mandate to work together as a NEW TEAM to the steady growth of the MCC at the out set of the financial 'crisis. I wish all the best to the new mayor
All the best to the newly elected mayor of MCC. Hearty congratulations to all,
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