Madikai Kammaran, who strengthened BJP in Kasaragod region, is no more

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, June 24: Congress leader Ivan D’Souza has vowed to serve the poor and practice as a lawyer in the city, as he completed six years of tenure as a member of Karnataka legislative council on June 23. 

Expressing satisfaction about his work as an MLC, he said: “I’m one among the three MLCs who have 100% attendance in the council. Meanwhile, I’m the only council member to utilise the privilege of raising five questions in each session. I brought several major issues to the government through the questions and succeeded in finding solutions to the problems of people.”

“During my six years of tenure as a council member, I could bring sanctions to the tune of Rs 46 crore through various departments. Meanwhile, financial aid to the tune of Rs 13.24 crore has been distributed through Chief Minister’s Relief Fund to nearly 1,600 beneficiaries. I will continue to serve the poor on my own as an individual. For this, I have set up an office in the premises of my house,” Ivan said, adding that he has distributed grocery kits and other essential items to over 18,000 families during the lockdown period.

“I have successfully fulfilled my duties as the chief whip of the government in the council and also as the parliamentary secretary to revenue department in Siddaramaiah and H D Kumaraswamy governments, respectively,” he said. 

Ivan said his office in the Mangaluru City Corporation (MCC) building will be handed over to JD(S) MLC S L Boje Gowda. “My doors are always open for the people. I will strive to build the party in the state,” he added.