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
July 25,2020

Gokak, Jul 25: A JMFC magistrate here issued summons to the Chief minister B S Yediyurappa in relation to a complaint for the alleged violation of election code of conduct, during by-elections to the Gokak Assembly seat held last year.

According to official sources, a complaint had been registered against Chief minister B S Yediyurappa during the election campaign, under the People Representative Act, for allegedly wooing voters during electioneering.

The Gokak Police, who had investigated the case, however had submitted a 'B' report to the court letting off the Chief minister from the charges.

However the Magistrate, rejecting the Police report, had maintained that there exists prima facie case against the accused and issued summons to appear before the court on September one, the sources added.

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Agencies
February 23,2020

Bengaluru, Feb 23: Bolstered by the Supreme Court's interim nod for the gazette notification of the Mahadayi Water Dispute Tribunal award by the Central government, Karnataka decided to allot funds for the drinking water project in the state's northwest region, an official said on Saturday.

"Funds will be allotted in the state budget for fiscal 2020-21 to complete the Kalasa-Banduri project across the Mahadayi river for supplying drinking water to the four drought-prone northern districts in the state," the official of the water resources department told media on anonymity.

As Chief Minister B.S. Yediyurappa also holds the finance portfolio, he has agreed to allocate funds for the project, held up for years in the legal battle with the neighbouring Goa and Maharashtra over the sharing of the river water among the three coastal states.

Yediyurappa is slated to present the state budget for the ensuing fiscal in the legislative assembly on March 2.

"We will resume the project work once the Centre notifies the award though it will be binding on the final outcome of the apex court's hearing the review petitions of Goa and Maharashtra against the Tribunal award," the official noted.

A division bench of Justice D.Y. Chandrachud and Justice Hemant Gupta on Thursday passed an interim order on the Tribunal award, allowing the central water resources ministry to notify it for implementation and posted the case for final hearing in July.

The Tribunal on August 14, 2018 allocated 13.42 thousand million cubic feet (tmcft) of the river water to the southern state for irrigation and drinking water supply to towns and villages across Bagalkot, Belagavi, Dharwad and Gadag districts, which are in the arid region of the Deccan plateau.

The four districts are about 400-550 km northwest of Bengaluru in the southern state.

Of the 13.42 tmcft water, 5.5 tmcft will be used in the river basin and for diversion into the depleted Malaprabha reservoir while the balance 7.92 tmcft will be utilized for hydel power generation instead of allowing the water to go into the Arabian Sea on the state's west coast through Goa.

Goa, which opposed Karnataka's demand for 36.66 tmcft, was allocated 24 tmcft, while Maharashtra got 1.3 tmcft.

The Tribunal assessed that 188.06 tmc feet water is available at 75 per cent dependability.

The three-member Tribunal is headed by Chairman Justice J.M. Panchal, Justice Viney Mittal and Justice P.S. Naayana.

The Union government had set up the inter-state Tribunal on November 16, 2010 for the djudication of the Mahadayi basin water allocation among the three riparian and contiguous states.

Goa and Maharashtra claimed 122.6 tmc feet and 6.35 tmc feet of the river water respectively.

The Tribunal, which commenced sittings on September 6, 2012, held 1,209 sittings for over 6 years.

Supreme Court senior counsel F.S. Nariman represented the state before the Tribunal to present its case.

The Tribunal's chairman and two members inspected the river basin area across the three coastal states from December 12-24, 2013.

The 77km-long Mahadayi or Mandovi river originates at Bhimgad in the Western Ghats in Belagavi district and flows into the neighbouring Goa through Maharashtra and joins the Arabian Sea off the west coast.

Though the river flows 29 km in Karnataka and 52 km in Goa, its catchment area is spread over 2,032 km in the southern state as against 1,580 km in the western state (Goa).

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News Network
July 31,2020

Bengaluru, Jul 31: Gyms in Bengaluru carried out sanitation work on Thursday following the Centre's nod to reopen gyms from August 5, after several weeks of COVID-induced lockdowns.

"We are taking all the precautionary measures prescribed by the government and will follow the guidelines very strictly. A thermal scanner, oximeter and hand sanitizers have been placed at the entrance of the gym. 

We request all other gym owners also to follow the guidelines strictly to keep their members safe and healthy," said Prasad Kumar, a gym owner in Bangalore.

He added, "The last few months have been very difficult for us gym owners and fitness instructors. We are very grateful to the government for allowing us to re-open. 

We are going to be very cautious when we open. Even before this COVID-19 pandemic, we used to sanitise all the equipment before and after every use so hopefully, this won't be too difficult for us. We are getting rid of the air conditioners to allow cross ventilation and open the space a little more."

According to Chandu Gowda, an actor and frequenter of the gym, working out at home was not the same as working out in the gym with the proper equipment.

"I'm very glad that I get to come back and work out as I used to before this lockdown. For an actor, working out is extremely important, not just for my physical health but also mental health. 

Doing exercises at home is never as good as exercising in a space dedicated to one purpose. I hope other members of the gym follow the rules and regulations religiously," Gowda said.

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