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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coastaldigest.com news network
July 27,2020

Bengaluru, Jul 27: Karnataka Chief Minister B.S. Yediyurappa, on completion of one year of his government, today said coronavirus hampered his development plans for the state.

He said the state will not see a lockdown again "at any cost".

"Due to coronavirus we couldn't meet people's expectations but now we'll not have lockdown in Karnataka at any cost. In future we're going to fulfill whatever I announced in Budget. If necessary we'll take loans and complete all development work," said Yediyurappa.

"Covid has hampered development plans of Karnataka, lot more needs to be done, i'm committed to providing an able, stable government," he said.

Arrangements were made for virtual celebrations to mark the one-year anniversary of Yediyurappa government at Banquet Hall in Vidhana Soudha in Bengaluru. Social distancing was maintained at the event.

A record 5,199 new COVID-19 cases and 82 deaths were reported from Karnataka on Sunday, the state's health department said.

With this, the total number of coronavirus cases in the state stands at 96,141, including 58,417 active cases and 35,838 recoveries.

So far, 1,878 deaths have been reported from Karnataka. Karnataka is the only state to have over 50,000 active cases with overall tally below 1 lakh.

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Agencies
July 3,2020

New Delhi, Jul 3: The aviation regulator DGCA said on Friday it was extending the suspension of scheduled international passenger flights in the country till July 31 but added that some international scheduled services on selected routes may be permitted on a case to case basis.

Scheduled international passenger flights were suspended in India on March 23 due to the coronavirus pandemic.

Modifying its June 26 circular that stated that scheduled international passenger flights will remain suspended till July 15, 2020, the regulator stated on Friday it has decided to extend the deadline to July 31, 2020.

However, international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis,” said the circular by the Directorate General of Civil Aviation (DGCA).

Air India and other private domestic airlines have been operating unscheduled international repatriation flights under the Vande Bharat Mission, which was started on May 6 by the Central government.

India resumed scheduled domestic passenger flights on May 25, after a gap of two months.

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News Network
April 17,2020

Bengaluru, Apr 17: The Karnataka government on Friday asked Information Technology, biotechnology and allied companies not to go for closure or layoffs citing lack of work orders due to COVID-19 lockdown and instead consider measures like cutting salaries among other things.

It said IT/BT companies in the state can resume operations with 50 per cent from their office space after April 20.

Deputy chief minister C N Ashwath Narayan, who is also in charge of IT & BT department, held video consultation with the captains of the industry in light of the disruption caused due to the lockdown, and discussed on the way forward - both for effective implementation of the lockdown as well as the future course to deal with the unique circumstances.

"Immediately we are going to permit 50 per cent, but it doesn't mean that they will be able to mobilise 50 per cent immediately. It will take few weeks for them to do so. Gradually percentage will increase and it will start getting back to normalcy," Ashwath Narayan told reporters.

Stating that there were discussions regarding layoffs, he said, companies should not go for layoffs, instead of that gradation or deduction in the salary should be taken up, so that it doesn't affect the functioning of companies also that are facing less orders.

"On handling such financial crisis they (industry) wanted government consideration with mutual cooperation and understanding the concerns," he added.

Pointing out that concerns were also expressed regarding measures or protocol that needs to be followed if any positive cases are reported in any of the office spaces, Ashwath Narayan said, certain guidelines will be issued in consultation with the Health Department.

"Once the relaxation is given this may become the usual phenomena, as cases will be reported here and there... so in that scenario how we need to work and handle the situation is important, so we will be working on protocols how to handle the situation. So far we have planned for residential areas and not for work spaces," he said.

The deputy chief minister said the IT and BT industry leaders are extremely happy with regard to the support system or backup given by the government of Karnataka, particularly IT/BT department.

Even during this crisis period in the entire world, Karnataka and Bengaluru were able to get a good reputation and become reliable partner, as IT/BT service providers in both the city and the state were able to provide excellent quality services to their clients without any interruption, he said.

If you compare with any state or country, we have done extremely well, and hope that this would get more business, he added.

Biocon chief Kiran Mazumdar Shaw, Infosys co-founder Kris Gopalakrishnan, who is also the Chairman of Vision Group IT, were among others present at the video conferencing.

Noting that concerns expressed by the industry regarding passes for employees to commute to office, Ashwath Narayan said, the government would make necessary arrangements in this regard, considering measures that need to be taken after April 20.

Regarding providing transport facility, they can seek for services from public transport Bangalore Metropolitan Transport Corporation (BMTC) on a contract basis, he said, adding that "We will be ready to facilitate BMTC."

The minister said the industry leaders wanted internet services to continue with the same quality and without any interruption.

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