JNU student leader Kanhaiya Kumar beaten up at Patiala court

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.

Mandya, Jun 28: Prime Minister Narendra Modi praised an 83-year-old farmer from Malavalli taluk in Mandya district of Karnataka for his efforts in water conservation.

While urging the people to focus on saving water, Modi, in his 'Man Ki Baat' on All India Radio quoted Kamegowda from Dasna Doddi village who single handedly dug small 16 ponds over the years in his farm land and in nearby hill while taking his animals for grazing.

"Kamegowda ji is an ordinary farmer, albeit possessing an extraordinary personality. He has achieved a personal feat that will leave anyone awestruck! Kamegowda ji, aged 80-85 takes out his animals for grazing but at the same time he has taken it upon himself to build new ponds in his area", the PM said in his Mann Ki Baat, a monthly radio address on Sunday.

To overcome problems of water scarcity in the area, Gowda started building small ponds. Thereby, he contributed a lot for water conservation, the PM said.

"... An octagenerarian like Kamegowda ji, till now, has dug 16 ponds through his hard work and the sweat of his brow. It is possible that the ponds he has constructed may not be very big but then his efforts are huge. Today, the entire area has got a new lease of life on account of these ponds," the PM said.

A little effort by us helps nature and environment quite significantly. Many of our countrymen are putting extraordinary efforts in this endeavour, the PM said. 

Kamegowda, used to take his sheep and goats to nearby hill for grazing. After finding no water to sheeps, he started digging ponds to address water scarcity. With collection of rain water, these lakes are brimming with water even during peak summer.