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.
ED attaches under PMLA, 20 immovable properties and balances in Bank A/cs totaling to ₹209 Crore of IMA Group, Bengaluru and its Managing Director Mohammed Mansoor Khan, in a Ponzi Scheme case. pic.twitter.com/h8XKoSjSLN
— ED (@dir_ed) June 28, 2019
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