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.

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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
February 28,2020

The Karnataka BJP, which faced action on Twitter earlier this month over incendiary tweets, this time has passed the blame of Sangh Parivar sponsored Delhi violence to the victims.

In an insensitive tweet on Friday, it dubbed the protests against the notorious Citizenship Amendment Act (CAA) as "fake" and added that the violence that followed was "the most well-planned assault on the Idea of India," in an apparent attempt to portray the victims as villains.

The handle, notorious for tweets targeting Muslims, blamed the clashes that erupted in Delhi between people demonstrating for and against the CAA on "so called 'Peacefuls'" - a known right-wing slur for Muslims.

Many people on social media called out the tweet for misleading people and covering up the role of Delhi BJP leader Kapil Mishra's provocative speech for triggering the violence or the failure of the Delhi Police, which reports to the former BJP chief and Union Home Minister Amit Shah, in controlling the riots.

Earlier this month, the Karnataka BJP had tweeted a video of Muslim women standing in queue to vote in the Delhi elections, showing their voter ID cards, with the snarky caption: "Keep the documents safe, you will need to show them again during NPR (National Population Register) exercise."

Soon after, the party unit's Twitter handle was blocked by the social media platform for 24 hours after many accused it of encouraging Islamophobia.

NPR has been widely criticised by opposition parties as a precursor to the government's planned NRC or National Register of Citizens which intends to make Indians prove their citizenship with documents that many poor or illiterate do not possess.

Many fear that combined with the already imposed CAA - which promises citizenship to only non-Muslim refugees from Pakistan, Afghanistan and Bangladesh - the NRC can be used to make millions of Muslims stateless.

The government has denied the allegation and said the CAA only intends to help those who have faced religious persecution. In recent weeks, it has gone back on its rhetoric on the NRC which was announced by Amit Shah in parliament as "it will certainly happen".

The CAA, which was cleared by parliament in December, has triggered deadly protests in the country which left at least 25 dead till Sunday. Since then, at least 42 more people have been killed as large-scale violence erupted in northeast Delhi and hundreds of homes and shops have been burned to the ground.

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News Network
March 23,2020

Bengaluru, Mar 23: Following the alarming increase in Coronavirus cases, Police Commissioner Bhaskar Rao on Monday said that those subjected to home quarantine stamping would be arrested if they were found to visit public places.

"5,000 Home quarantine stamping was carried to ensure that they remain in home and not to be seen in public places for their own interest as well as in an attempt to prevent spread of Coronavirus", he tweeted.

"I have received information on some of those stamped are moving in BMTC (Bengaluru Metropolitan Transport Corporation) buses and sitting in restaurants. Please call 100, these people will be picked up, arrested and sent to government quarantine," Rao said.

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coastaldigest.com news network
May 27,2020

Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.

The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud. 

The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt

"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.

"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.

The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.

The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.

As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.

The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."

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