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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
To all Parents
Please don't listen to this uneducated BJP moron. Please educate your daughters and then get them married. so they can standup on their own feet if needed. Regardless of your religion.
Hello cow dung brain man sangeeth...muslim ruled indian for 1000 years..that time all hindu are happily living together....when maron people org RSS came to our land all destroyed.. you are the people who became the first slave of british and licking there boot for power plz check the history..you people are coward..you can sell your family & soul to BJP maron party but not all esteem hindus...keep in mind lion is always lion...its image will not fade if some name sake maroon make comments...jai india.. jai hind
what a good idea,,, chalo chaloo karthe hai thera beti ka shaadhi karvaake.
This prooves, with the present goverment of fools we are already gone 100 years backwards in developement.
Rubbish... Who made such fool as MLA
People wont learn from this. They need experience. If RSS not in India, Muslims people may convert India into a Muslim country
He said the truth. It is better than love jihad
Shame on you.. should punish him for the nonsense statement
I cant believe, how people supports BJP fools again and again.
Should arrest him and give him punishment for promoting child marriages.
In headline, no need to mention its BJP MLA. "MLA" is enough. We knew, only BJP MLAs are fools and they will only utter such nonsenses
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