When top judges say democracy is at stake, media focus on Sunny Leone

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 16: A youth has been arrested by the sleuths of Ullal police station on charge of sexually assaulting a minor girl and impregnating her on the outskirts of the city. 

The arrested has been identified as Lavakumar alias Shravan, a resident of Valacchil, who was working in a fast-food outlet at Thokkottu. 

According to the police, the accused had sexually assaulted his owner’s minor daughter. The incident came to light when the girl’s mother came to know that former was pregnant.

It is said that the girl’s mother, who had employed the accused, allowed him to stay in their house. The accused befriended the minor girl and sexually used her.

Based on a complaint filed by the girl’s mother, a case was registered at Ullal police station under Pocso Act. The police arrested him yesterday and produced him before a local court.

Kochi, Jan 12: Golden Kayaloram, the fourth and last Maradu residential apartment was razed by controlled implosion in Kochi on Sunday afternoon as per the directions of the Supreme Court.

The building came crashing down, leaving the entire area in a cover of white smoke.

Earlier today, Jain Coral Cove, the apartment having the maximum number of housing units among the illegally built buildings, was razed down at 11:02 am.

The authorities coordinated the operations from a control room set up at the office of the Inland Waterways Authority of India.

As per municipal records, there were 122 housing units in Jain Coral Cove and 41 in Golden Kayaloram.

The prohibitory orders that were clamped in the area will remain imposed for the day. The district administration on Saturday imposed Section 144 of the Code of Criminal Procedure (CrPC).

On Saturday, the 19-floor H2O Holy Faith apartment complex with 90 flats and the Alfa Serene complex with twin towers were demolished at 11 am and 11:05 am respectively.

The buildings are razed for violating the Coastal Regulation Zone (CRZ) rules. The directions in this regard were passed by the Supreme Court last year.