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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
Its all like a Drama.... nee Atta haage maadu.. naaa hodeda haage maduttene...
If you have real concern about Mangalore Minority, Please please please arrest him.. your own government your own administration.
Hello Kodichal bhai, why sou moto case ? Let the people know that You or your Congressmen doesn't have guts to register a case against him. Wear Bangles and sit at home, your prepoll planned press conference will not give any mileage. We all know you guys want bhatta or any other card to use it for your election purpose. Know one is dependent on Karnataka congress government. Also tell ministers in DK to wear saree and sit at home. Don't worry about Bhatta, we know how to deal with him and out to prevent communal harmony.
Haji Ibrahim Bhai.
Two years back same bhatta barked at Gurupura against Muslims, the same congress party is ruling karnataka... Until now no any action taken against him.
Youth congRSS president Mithun Rai shouted at Gurupura, in future if bhatta going to speak anywhere he will take hindu youngsters of congRSS to stop his speech. Where is now this mithun?
You congRSS people can fool all the muslims one time, not all the time.
We now understand what is congRSS, and what is BJP.
Stop drama.... arrest bhatta now and put him behind jail for long time. then only we can understand original congress is ruling karnataka.
dont give any press conference.
No use of making bow, bow ...... in the public....Bhatta is ready with Anticipatory bill.... Still you trust xxxxxx cong ....
Shame on you kodichal.
Your own party ruling the karnataka.
Don't do drama in front of the people. There is no need to announce openly to arrest Batta. Order police to arrest him and put into cell.
What a drama?? you congress people are best for drama only, you people are in power and you people begging with police, shame on you congress.. Congress cheating people only with statement. Muslims also blindly supporting these people. what a tragedy.
These useless leaders are joking their selves! When the people gave them power why to fear RSS??? Or Is RSS controlling Congress Leaders??? Next time please don't come to ask for vote by showing RSS fear!!! People of Dk understood the Reality.
Your own Siddramulla Khan is ruling Karnataka. prior to last election he had promised to take action against Bhat. now his partymen want advice from Bhat's pariwar.
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