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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
With all due respects, to all our brothern Hindus,
One thing sure, series of babas because who are not allowed to marry are indulged in rape, adultary cases.
Babas who called Godman became criminals.
Hindus should not be so stupid to allow these babas to commit more crime and spoil the name of Hinduism.
If you dont allow them, you are risking your daughters in a very dangererous state. May God really help.
why are the hording in hindi, do this people not respect kannada and kannadigas?
@Hari... In that matter, Kerala media did well. They didnt give much importance to Amit Shah's visit. Kerala media covered actor Dileep issue at that time. But cunning Shah brought national pro cheddi media there for his programmes
They are coming for spreading hatred and communal thinking.. should avoid them and should not attend thier programmes. Even media should not cover thier arrival with much importance
LOL... Yogi and Shah from the state, which has no sufficient toilets for people and they are talking about development... Greeeeaaaaat
Communal Yogi and shahspoiled Mangaluru' sacredness
I heard speech of Yogi, while he visited Kerala. Fool Yogi told Kerala govt to learn hospital treatments and life care from UP hospitals... See the irony - Yogi, who is the reason for death of 61 children ask to learn from hospital things to Kerala govt, where health care sector having no. 1 position among Indian states
Mangaluru was sacred place just before your arrival. You spoiled that with blood stains of 61 children and many raped women
See the face of swamis, really public are idiots
Sacred land with feku babas... Yogi better concentrate on your UP land. First try to develop your UP then give advice to others. Our manglore is developing and we do not need your advise. Try to correct law and order in your state. I wonder why you became CM.. Instead of that you could have become a sadhu or pandith. This will be good and suitable for you. Also try to learn the meaning of DEVELOPMENT!!!!
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