Ponzi scam: SIT arrests IMA auditor Iqbal Khan

Agencies
June 14, 2019

Bengaluru, Jun 14: IMA Jewels auditor Iqbal Khan has been arrested by Special Investigation Team (SIT) in the IMA Ponzi scam in Bengaluru, the investigative team confirmed on Friday.

Iqbal Khan, a resident of Frazer town, has been the auditor of IMA for many years.

According to an immigration form, the main accused, IMA Jewels founder Mohammed Mansoor Khan, has flown to Dubai on June 8. As per SIT, efforts are being made to nab Khan.

The 11-member SIT headed by DIG BR Ravikanthe Gowda was formed by the Karnataka government to probe the alleged fraud by the firm, which has an estimated Rs 200 crore investment of Muslim women alone.

The SIT, which is a part of Karnataka Police, on Wednesday, arrested 7 directors of different entities linked to Mansoor Khan, who is accused of allegedly perpetrating financial fraud in Bengaluru.

The accused directors are - Nizamuddin, Nasir Hussain, Naveed Ahmed, Arshad Khan, Wasim, Ansar Pasha and Dada Peer.

The police officials confirmed that over 25, 000 complaints have been filed so far against the company.

It is alleged that IMA Jewels, with Muslims as its prime investors, has not paid interests on investments for the last three months.

Accused Mansoor Khan disappeared after sending an audio clip to some investors threatening to commit suicide due to what he alleged was "harassment" by some politicians and rowdies.

IMA founder Khan, in the said audio clip sent to investors, alleged that rebel Congress MLA Roshan Baig had taken Rs 400 crore and was not paying back. He has, however, refuted the allegation and termed it a "total conspiracy."

Currently, shops of IMA Jewels in Shivaji Nagar are closed.

Scores of investors staged protests outside IMA Jewels' office in Sivaji Nagar, demanding the firm to return their money.

Unfortunately, one of the investors in IMA Jewels died yesterday due to a heart attack. The investor, who has been identified as Abdul Pasha, had invested Rs 8 lakh in the firm for his daughter's marriage. He died in Bengaluru's Sapthagiri hospital.

Comments

ABDUL AZIZ SHE…
 - 
Saturday, 15 Jun 2019

Really very sad people invest in these companies in lakls ,  without having knoweldge

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News Network
May 30,2020

Madikeri, May 30: Environmentalists have opposed the Karnataka Forest Department and the Public Works Department’s move to erect concrete pillars and marking of trees to construct a proposed road from Patti to Todikana within the Talacauvery Wildlife Sanctuary near Talacauvery in Kodagu District.

They have urged for immediate stopping of road works in a protected area.

In a letter to Conservator of Forests, Mysuru Circle, T Heeralal and DCF (Territorial and In-charge Wildlife) S Prabhakaran, the Trustees of Wildlife First K M Chinnappa and A A Poovaiah have termed the road works illegal and violates Supreme Court order on National Parks and Wildlife Sanctuaries.

The letter’s copy has also been sent to Principal Chief Conservator of Forests (Head of Forest Force), and Kodagu Deputy Commissioner urging them to halt the progress of the road works. “Patti and Todikana are at the core of the Talacauvery Wildlife Sanctuary and such unilateral activities without complete approval on completion of the statutorily mandated procedure (both under Forest Conservation Act and Wild Life Protection Act),” the letter stated.

The letter added that they would be forced to move the Courts and the officers who have given approval to the project would face legal consequences.

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News Network
April 3,2020

Mysuru/Chamarajanagara, Apr 3: In order to prevent the transmission of Novel Coronavirus though overcrowding, the central jails in Mysuru and Chamarajanagar have begun releasing some of their inmates.

As many as 55 undertrials and convicts were released from Mysuru jail since the last two days, while 18 were released from the prison in Chamarajanagar. The jail inmates had been released on interim bail, for a period of two months.

While the undertrials were facing charges that involved a maximum prison term of seven years, the convicts were facing criminal miscellaneous cases of the family court. Most of the convicts released were prisoners who had not paid the maintenance costs ordered by the family courts in divorce cases.

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News Network
February 13,2020

Bengaluru, Feb 13: 'Karnataka Bandh' call given by various Kannada organisation demanding implementation of Sarojini Mahashi report for ensuring job reservation to local people (Kannadigas) in the Private and government organisation, including industries, evoked mixed response in the State on Thursday.

The Bandh call was given by the “Karnataka Sanghatanegala Okkoota”, comprising a few factions of “Karnataka Rakshana Vedike” (KRV) and was backed by Ola-Uber Cab Drivers’ Association, a few auto unions, farmers’ associations, street vendors association, trade unions and transporters’ associations.

Meanwhile, Airport Taxi Services also supported the Bandh which forced flight passengers to find it difficult in finding the transport for reaching their destination in time. Fortunately, BMTC bus services at Kempegowda International Airport (KIA) was available at the Airport.

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