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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
He is a rss feeded dog started bark again. No guts to earn by self confidence or by ability and now likcking desh drohi rss feet.
A shame and insult to mankind.
ask him how much money paid for the munaafiq. he is not muslim ,that is why barking .
If i speak logic, i would say suspend these stupid publicity stunt-men
Dear Reshma, i am sorry to learn that you are following this rotten egg. He is a waste in our community and we have kicked out him. He is shoe lickers of sangh parivar and i am sorry to say that if you too like it go with him. He has no right to give this comment. Madrasas are not his father's property. By the way this waste Rizvi is kicked out by his community also and even his parents are ashamed of giving birth to such a rotten egg. This rotten egg Rizvi is follower of Devil and has no respect to any one including hiw own parents. If you still praise him, i think you better consult any Doctor.
do his statements are based on any reports, muslims may agree... ISIS idealogy spread not thru madrasa education but online education without any proper guidance of ulemas (knowledgable person with islamic scriptures). proper Madrasa education may eradicate ISIS idealogy... these soulless shia idealogues with the help of zeonists , capitalists and fascists , want to promote ISIS.. that is reason , they are demanding to shut down madrasa system.
Yogi's slave. We cant excpet more than this from him
Well said sir. Should shut all madrasas
Bitter Truth
This man seems to be good. He told the truth. Should shut down all madrasas. They are injecting unwanted education
The Ashram from wherre you learned should be shut first. Because you are the number one criminal, corrupted, communal terrorist.
This fool should be hanged for his illogic statements.
Who the hell this creature Rizvi to talk about Madrasas. Are Madrasas run by his Father's help. Bull shit. Let him go to hell. He is chappa licker of sangh parivar and appeasing central Govt by giving illogic, illegal and unworthy statements criticisign Muslims only to hide looting of crores of rupees from wakf board. He is a thug and looter. He is not a Muslim and has no right to talk about Madrasas. This hate monger should be dragged out to street and garlanded with old chappals and shoes. He is kicked by his own community for his cheating them. He is being funded by sangh parivar for his wrong doings and illegal activities. Police should dig out his past history and income.
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