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
April 5,2020

Madikeri, Apr 5: Following the novel Coronavirus and imposition of Lockdown in the country and departure of the migrant labour force to their hometowns, the harvest of Pepper and post-harvest process of Coffee have taken a hit in Kodagu region of Karnataka.

In the Coffee land, most of the workers at these estates are primarily from north Karnataka and neighbouring districts, including Periyapatna and Hunsur taluks in Mysuru District. Local workers are also sourced for the job as the harvest area is large.

The Kodagu district which already faced severe natural calamity during the last two years now added with the COVID-19 outbreak and the subsequent Lockdown, many workers have returned to their home districts, barring a few who have been working in the plantations for many years and reside in the estates themselves.

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News Network
January 29,2020

Newsroom, Jan 29: Karnataka’s capital has earned the unwelcome distinction of global capital of traffic congestion. According to a report by TomTom, the Netherlands-based global provider of navigation, traffic and map products, Bengaluru beat 415 other cities across 57 countries to earn the title of world's most traffic congested city in 2019.

“Bengaluru takes the top spot this year with drivers in the southern Indian city expecting to spend an average of 71% extra travel time stuck in traffic," TomTom said in the ninth edition of its annual Traffic Index.

Three other Indian cities, namely, Mumbai, Pune and New Delhi are also ranked in the 2019 edition of TomTom’s Traffic Index of the world’s most traffic-congested cities. 

The report released on Tuesday ranks cities by the average time added to a trip. TomTom index also includes details on when congestion is heaviest and lightest, how highways compare with surface streets, and how much time drivers wasted waiting for other drivers to get out of their way.

Following closely on the heels of Bengaluru is Manila, Philippines, with the similar 71% traffic congestion. Among the top five worst traffic affected cities are Mumbai and Pune from India at the fourth and fifth place respectively, while Bogota, Colombia is on third spot.

Delhi, the national capital of India is on the 8th spot, while Moscow (Russia), Lima (Peru), Istanbul (Turkey) and Jakarta (Indonesia) are on 6th, 7th, 9th and 10th spot respectively.

Mumbai recorded a 65% traffic congestion with 9th September, 2019 being the worst day. On an average, a Mumbaikar lost 209 hours in traffic congestion. Pune has 59% traffic congestion with 2nd August, 2019 being the worst day. 193 hours are lost due to congestion. Delhi, on the other hand, has 56% traffic congestion. 23rd October, 2019 was the worst day, while 190 hours are lost in traffic congestion.

Interestingly, among all the four Indian cities, Delhi has the most number of cars. Previous studies have concluded that Delhi has the best road conditions among the Metro cities of India.

If you are wondering what exactly the percentages mean, a 53% congestion level in Bangkok, for example, means that a trip will take 53% more time than it would during Bangkok’s baseline uncongested conditions.

TomTom calculates the baseline per city by analyzing free-flow travel times of all vehicles on the entire road network – recorded 24/7, 365 days a year. The report by Dutch navigation and mapping company ranks cities by the average time added to a trip. It also includes details on when congestion is heaviest and lightest, and how much time drivers wasted waiting for other drivers to get out of their way.

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News Network
March 16,2020

Mangaluru, Mar 16: As a precaution against the spread of Covid-19, the Karnataka State Road Transport Corporation (KSRTC) on Monday decided to cut down its premium, non-AC sleeper, Rajahamsa and express bus services from Mangaluru to Bengaluru and Kasaragod following poor patronage.

The cut down in services is as per the direction of KSRTC's Central office that wants bus services to be operated on priority.

KSRTC Mangaluru Divisional Controller S N Arun said that the corporation has decided to cut down 40 trips to Bengaluru. Concerning Kasaragod, it has reduced the number of trips from 40 to 35. "These include a reduction in services to Mysuru and Dharmasthala also," he added.

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