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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
Alhamdulillah.. very fortune for mangaloreans, what I see is not many muslims make use of Islamic banks as may be it bacame a habit of using interest banks though they never take interests .. or these banks aren't reaching them .. or any other issue .. recently we planned to buy a flat with a interest loan of 10lakhs , but somewhere we felt like war against Allah ..We dropped it as it involved interest loan .. then suddenly it stroke to my head I can opt for an loan from Islamic bank.. was looking for interest free bank and I found this and same in bangalore as well... In shaa Allah..I hope these bank benefits people like me ..And all Muslims as well..Keeps them away from dealing with interest. May Allah safeguard us from this kind of grave sins
ARE the Cheddi members so WEAK, that they need to be informed that Human life is more valuable than the COW?
Cheddi foot soldiers should use their intellect rather than depending on Cheddi orders and make cow as mother or not.
SEE How Cheddi Foot Soldiers are used by the Cheddis... When they want, they make the CoW the mother. and foot soldiers are used to do violent in the society to protect cow.. and now they even cant control what they sow ...
When PUBLIC Wake up in the society even the cheddis who have 60% will also bow down to PUBLIC... People should note this stand and whenever someone trying to disrupt the society ... The whole like minded society should come together and speak for the truth and give justice...
Spying, cheating, terrorism, looting is their RSS goons birth rights Kurshidji. Nothing can be done and they are digging their own grave.
Simply spoiling their future along with others.. parents all efforts to bring them up went in vain because of the RSS terrorist activities.
bol bachan by yaddi keep. . . lol
Muslims must increase their eemaan to get the help of Allah. Remember 310 Muslims won war against thousands of kafirs. This is the type of help Allah will provide if we become mu'min. Forget this kafirs because Allah has given them the strength inorder to test us. That's it.
This RSS is a real anti human group. Send all those chaddis to andaman nicobar islands
They all belongs to sri rama sene and all from criminal background, put them behind bar for 2 years
Ek baar haji walo ki khidmat ke liye hame bhi mauka diya jaye aur isi bhane allah ke ghar ki ziyarat bhi ho jayegi
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