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Bengaluru, June 24: City-based I Monetary Advisory (IMA), which duped thousands of families, mostly Muslims, in the name of halal investment, has become a bitter reality of "we were robbed by our own people". All the accused except its CEO Mohammad Mansoor Khan have been released on bail in this ponzi scam worth thousands of crores of rupees.
The scam has not only been investigated by SIT and CBI, but it has reverberated many times in the Assembly, corridors of power, and in the courts.
Around 80,000 investors are in trouble after the Monetary Advisory (IMA) scam came to light. Many investors have left this world, many families have split, many marriages have broken down and many have become unemployed, homeless, helpless and hapless. One of the senior IAS office, who had faced arrest in the scam, reportedly killed himself just a day ago.
It has been more than a year since this multi-billion scam came to light. But the affected families still do not see any ray of hope. The government, led by senior IAS officer Harsh Gupta, has set up a special competent authority to address investor grievances in the matter.
According to information provided by Harsh Gupta, investors have to be paid Rs 2,900 crore. But the value of the company's assets seized so far could be around Rs 450 crore. The process of auctioning the assets has not started yet. The authority has developed an online portal for submission of claim forms from investors. But the process of taking applications has not started yet. Syed Gulab, a social worker overseeing the case, says that after all the claim forms have been submitted, we will get a clear picture about the exact number of investors and the total amount of arrears. But this process may take a few more months to complete.
Senior journalist Maqbool Ahmed Siraj says that IMA has systematically deceived people in the name of halal investment through capital scheme. In 2006, Muhammad Mansoor Khan, a one-time small businessman, set up a company. He began to attract large number of investors by creating the greed for more profit among middle class and poor people.
By 2015, the company had received money from more than 12,000 investors and continued to pay monthly profits. By the time the company closed in 2019, 80,000 people had invested their hard-earned money here. In Bengaluru, the company expanded its reach by investing in two major gold showrooms, hospitals, schools, several medical stores, a publishing center, a supermarket, and real estate firm.
Mr Siraj says that Mansoor Khan and his team not only lured the poor and middle class to pursue their own interests but also created a favourable atmosphere for their so called business by winning the hearts of politicians, government officials, clerics, religious institutions and media.
Unsuspecting people invested their money in a bid to make more profit in less time. When the company stopped making profits and Mansoor Khan suddenly fled on June 9, 2019, the investors woke up the to the reality.
Apart from residents of Bengaluru and other parts of Karnataka, people from Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra other states also have invested their money.
Comments
Smart administration would do the required work done and send a bill to MRPL......and give them a deadline to pay or face closure consequences......
i request mayor to please do the road work soon, its a totally waste to wait for MRPL to do the work, they will file the case to sc and road work will be pending for almost 20years,
yenchi savuda road marre, bega sama manpule pokadijjandala yerda yerda nattunek, kass ejjida bele ejjandina employees deppule.
really a worst road
ora bega sama manpule MRPL dakulu road g kass paduna athete undu.
It's true that MRPL vehicles are doing most damages to this road and it's their social responsibility to keep this road safe and drive worthy..coz of MRPL, locals suffered lot..atleast this much favor MRPL should do..
Mayor Saab dont forget that this road is part of MANAGALORE corporation and locals pay tax to corporation,,so atleast you have to repair it temporarily until MRPL fix it for permanently. now its condition is pathetic...and need all elected members to push MRPL to do the needful immediately. Both our MP & MLA are in deep sleep..pour some water on them also so that let them wake up..
Good move Mr. Harinath, rather after 20 days don't let the vehicle going to and from of MRPL to use the road unless cleared by MRPL.
good move this plan should be implemented everywhere, and more thing i agree they used road more in that location so it got damaged, what about the normal two wheeler and all like time road tax u will receive and vehicle will not run that much whatever u charge is more than that, always common people suffer.
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