ED attaches 20 properties around worth Rs 200 crore in IMA Ponzi scam

Agencies
June 28, 2019

Bengaluru, Jun 28: The Enforcement Directorate (ED) has provisionally attached 20 immovable properties and balance in bank accounts -- Rs 11.98 crore -- totaling around Rs 209 crore in IMA Group Ponzi scheme case under the Prevention of Money Laundering Act (PMLA).

"The agency attached 20 immovable properties worth Rs 197 crore, Rs 98 lakh from 51 bank accounts and Rs 11 crore held in Pradhan Mantri Garib Kalyan Deposit Scheme in HDFC Bank," said an ED official in a statement on Friday.

ED had initiated an investigation under PMLA, based on Bengaluru Police FIR under Section 406 (punishment for criminal breach of trust) and 420 (cheating and dishonestly inducing delivery of property) of the Indian Penal Code (IPC) against IMA Group of companies and its Managing Director Mohammed Mansoor Khan.

According to the FIR, IMA allegedly cheated more than 40,000 middle class and lower-middle-class investors, mostly Muslims, after promising them impressive return on their deposits.

"Investigations revealed that the company was not doing any business and was laundering money to generate movable and immovable properties. So far 20 immovable properties held in the name of Mohammed Mansoor Khan and his entities have been identified as proceeds of crime," the statement said.

"On analysis of 105 bank accounts with various private banks and co-operative societies in the Group's name, it was revealed that the company had received about Rs 4,000 crore as investments, which they diverted to acquired various immovable and movable properties in the name of its directors and associates," it said.

The economic watchdog had earlier, issued summons to the IMA founder Khan, directing him to appear before it on June 24, but he failed to appear as he is believed to be in a foreign country.

"Khan had deposited cash of about Rs 44 crore in various bank accounts during the demonetisation period. As a result of the action of the Income Tax Department, IMA Group had paid tax of Rs 22 crore," the statement added.

The enforcement body is also in the process of issuing red corner notice against the absconding accused Mohammad Mansoor Khan and examining the possibility of invoking the Fugitive Offenders Act.

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News Network
May 11,2020

Mangaluru, May 11: Hundreds of migrant labourers today gathered at a service bus stand in Mangaluru to return to Uttar Pradesh and Jharkhand.

They were working in different parts of Dakshina Kannada and remained stranded without a job after the announcement of lockdown.

Labourers said that they have not registered with Seva Sindhu portal to avail pass for travelling outside the state.

Though all the people who gathered wore a mask, the physical distancing norm was not followed.

Already three Shramik trains from Mangaluru had left for Jharkhand, Uttar Pradesh and Bihar with nearly 3,500 stranded labourers in the last two days.

The gathered labourers are anticipating that they would be allowed to travel to their destinations in the Shramik trains that will leave in the evening from Mangaluru.

The doctors and paramedical staff who have arrived the spot are checking the health of the labourers before allowing them to travel to the railway station.

The cost of a ticket to Uttar Pradesh is Rs 1,040 per person (which includes bus fare from service bus stand to railway station, food and water bottle).

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News Network
January 9,2020

Mangaluru, Jan 9: Noted city based tax accountant and former Rotary District Governor Surya Prakash Bhat passed away late this evening following brief illness. He was 62 and is survived by his wife Srimathi and two daughters Shruthi and Shravya.

Surya Prakash Bhat suddenly fell ill and had been in coma for the last two weeks due to complications arising from acute diabetes. He was undergoing treatment in the ICU at Yenepoya Hospital, Kodialbail. However he failed to respond to treatment and passed away at 9.20 p.m on Wednesday, January 8th.

He was an active Rotarian. He was an active member of Rotaract Club of Mangalore Central during his youth and then joined Rotary Club of Mangalore in 1989. After holding various positions in club level and the district level including Rotary District Secretary during the year 1995-96, he became club President of Rotary Club of Mangalore during its Golden Jubilee year in 1999-2000. Then on he rose to the position of District Governor of RI Dist. 3180 during 2003-2004. He was presently a member of the Rotary District Advisory Council.

Popularly known as "SURI", Surya Prakash Bhat was born in Mangalore on 8th May 1957. He had his early education in Milagres High School and graduated from St. Aloysius College. He did his articleship under Kamath & Rao Chartered Accountants. He has been practicing as a Tax Consultant since 1980 specializing in the fields of Goods & Service Tax (GST).

He has earlier served as Treasurer and Secretary of Kanara Chamber of Commerce & Industry, Mangalore. He also has been a Member of Finance & Banking Committee of FICCI, New Delhi; Member of Advisory Board, Department of Commercial Taxes as well as of Customs & Central Excise. He was one of the founders of The Karavali Automotive Sports Club, Mangalore and a Trustee of Shri Somanatha Temple, Someshwar, Mangalore.

Had been regularly anchoring programme like “Janadhwani”, a programme which highlights problems of common man, Elections Special and Budget Analysis in the local TV Channel.

Funeral will be held tomorrow in Mangalore.

Rotary Connection

Surya Prakash Bhat Joined Rotaract Club in 1976-77 and had won record 14 out of 15 awards in the district (Comprising of 8 Revenue Districts) as the best President during 1984-85.  He served as Rotaract District Secretary during 1985-86. 

He has been addressing various institutions, organizations and service clubs on matters of general interest, personality and individual development and Rotary. Has addressed the prestigious Rotary Institutes at Colombo and was trainer for the DGN’S at Cochin Institute, Bangkok Institute & SINGAPORE Institute. He was the President during the "Golden Jubilee Year" of Rotary Club of Mangalore during 1999-2000 when the club had bagged a record 28 awards in all.

He attended Rotary International Conventions at Singapore in 1999, at Denmark/Sweden in 2006 and New Orleans, USA in 2011,and Sydney, Australia in 2014. He was District Secretary during 1995-96 and then was the Club President during 1999-2000. He had initiated unique District Projects like “Sanjeevini” – Students Parents Insurance Scheme, “Jeeva” Highway Ambulance Project, Mid Day Meal for students of 6th & 7th Std children, Mobility Training Centre for the Blind etc. 

During the Governorship, RI Dist.3180 topped the world in membership development with 15 new clubs and 852 new members.  He has represented the Dist.3180 to Council on Legislation (decision taking body of Rotary International) at Chicago, USA during 2006-07.  Has been awarded “The Citation for Meritorious Service” by THE ROTARY FOUNDATION of Rotary International in recognition of his devoted efforts for the furthering of better understanding and friendly relations of people’s of the world. Has also been awarded “The Service above Self” citation of the Rorary International for the year 2011. Was the coordinator for Zone 6A & 6B covering around 12 countries for Literacy Programme of R.I for the year 2006-07.

Was the Chairman of the Dist. Trainers Training Programme at the Rotary Institute 2017-18 at Kuala Lampur, Malaysia.

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News Network
June 4,2020

Bengaluru, Jun 4: Karnataka opposition leader Siddaramaiah created a flutter on Wednesday saying many disgruntled BJP leaders had met him.

"Many disgruntled BJP lawmakers have met me and, of course, expressed their displeasure," tweeted Siddaramaiah.

Congress leader Siddaramaiah''s statements assume significance as recently several reports emerged highlighting some north Karnataka legislators meeting over dinner to put pressure on Chief Minister B.S. Yediyurappa to expand the cabinet and offer them ministerial roles.

North Karnataka leaders such as Umesh V. Katti, Chitradurga MLA G. H. Thippareddy and Vijayapura MLA Basanagouda Patil Yatnal and others met over dinner.

However, the Chief Minister said he was too busy to even look at the dissidence because he is occupied with development work of the state and fighting Covid.

Siddaramaiah, the former chief minister, alleged that Yediyurappa''s son Vijayendra is functioning as a non-constitutional chief minister.

"This is true in the BJP. That dissent will continue. We are not responsible if the government collapses," he pointed out.

The Congress leader said Karnataka has stooped to the level of not being in a position to even pay salaries to its employees.

"The state was the first in economic discipline during our government. Now the government has no money to pay salaries to government employees. Not only the state but the entire country is financially bankrupt," he said.

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