Learn tolerance from erstwhile Hindu kings who welcomed Muslims: Khazi

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.

Mangaluru, Jul 2: A youth who was on job hunt committed suicide by hanging from the roof of his house in Maroli on Wednesday.

32-year-old Advaita Shetty taken pilot training and looking for a job, According to sources, he had come back to his native place, Maroli, three days ago.

The exact reason behind this extreme step is not known yet.

Kankanady town police have registered a case in this regard.

Mangaluru, Jun 12: A huge crowd gathered for the grand opening of the newly built 175-metre-long two-lane bridge across Phalguni River on National Highway 169 near Gurupura on the outskirts of the city today.

Even as the photos of the bridge inauguration ceremony went viral on social media, netizens took the elected representatives and the district administration to task for flouting safety norms at a time when the coronavirus cases are continuing to mount in coastal Karnataka.

The bridge was completed in a record time of 15 months. Dakshina Kannada MP and State BJP President Nalin Kumar Kateel and district in-charge Minister Kota Srinivas Poojari inaugurated the bridge in the presence of Mangaluru City North MLA Y. Bharath Shetty and others.

The bridge has come as a breather to thousands of travellers between Mangaluru-Moodbidri-Karkala on the busy NH. The age-old steel bridge had become dilapidated and was a cause for concern for road users. The highway is also under the process of getting widened to four lanes.

The bridge was constructed at an estimated cost of Rs 30 crore by contractor Sudhakar Shetty of Mugrodi Construction. Work started in February last and the contractor had time till February next.

While the two-lane carriageway is 16 metres wide, the bridge has 2.5-metre-wide pedestrian paths on both the sides. New approach roads of 500 metres each were also part of the project.