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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.
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All that is on earth will perish, but face of your Lord will abide (forever) full of majesty, bounty and honor - Holy Qur'an 55:26-27
Nobody like rulers, bureaucrat or any citizen is bothered or cares such accident specially in Mangalore.
Human lives have no value specially for 2wheelers.
We are talking many projects in our area.
This is daily disaster. If we wish we can prevent such accidents with some good planning.
Such accidents are not UNPREVENTABLE.
If we want to allow our people to use 2wheelers, first we should plant to prevent and how to escape from these accidents.
Otherwise we all should by law or by force avoid using such vehicles.
At least our leaders in the city like DC, SP, RTO, MP, MLAs, Ministers, all those who use 2wheeler, please wake up and do the doable thing to save our people's lives.
Sad incident....... RIP
RIP... Feeling very sad... :-(
we CONDOLE but anybody thinking about death and do GOOD and stop evil... those who do good & recognise the true CREATOR, and submit to him to find the everlasting heaven.. which is the gift that God gives those who recognize him & follow his & his prophet's command..
My heartfelt condolences to you and your family. I will surely miss the presence of a truly loveable and kind person.
I am deeply saddened by the loss that you and your family have encountered. My condolences
It’s terrible to hear about, my sincere sympathy to your family.
this bus drivers are very rude on the road, put him behind bar for atleast 20years. he is a real murderer.
You and your family are in our prayers. Sorry to hear of your loss mam.
Our hearts are saddened by your loss and our thoughts and prayers are with you
My deepest condolences for your family's loss.
really sad, she s one of the good lecture in our college, we really gona miss her a alot. love u mam
Heartfelt condolence to the family, nobody can pay the loss to the family.
JESUS SAID :
The father is greater than I - John 14:28
The Lord our God is ONE LORD - Mark 12:29
By myself I can do nothing - John 5:30
I ascend to my Father & Your Father - John 20:17
PAUL SAID :
Jesus is equal to the father
God exists as 3 persons
Jesus is all powerful
Jesus is the only son of God..
Recognize Who speaks WHAT? A thought for the thinking Soul.
Really Tragic ! just before 6 months she joined as a lecture in agnes all her dream went in vain because of this half finished road.
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