We are not sure about the future of this pharma unit or our future since the investigating authorities have seized our D Pharma certificates Employee of Frontline Pharma

Irfanuddin

By Y Maheswara ReddyFrontline Pharma shuts all its stores in the wake of IMA investigationThe tangled web spun by the IMA group of companies is unravelling. And the downside is that thousands of families who were dependant on this empire started by Mohammed Mansoor Khan, with interests in bullion, jewellery, real estate, education, entertainment, publishing etc, are in shock. With the empire crumbling following the financial fraud that came to light with I Monetary Advisory, a financial advisory company from the IMA stable, other companies started by Khan are also facing uncertainty.The latest is the pharma division started by IMA, called Frontline Pharma.Following the investigation into the financial dealings of IMA, other companies like the pharma division have also shut down, say employees at the Frontline Hospital in Shivajinagar. At the pharmacy attached to the hospital, boxes of medicines are being sent back to distributors because the pharmacy does not have money to pay for the medical supplies it had procured.The first of the 20 pharmacies was opened in Frazer Town three years ago. These outlets used to offer 20 per cent discount on medicines and free home delivery too. With the pharmacies shutting down, around 200 people employed in them are facing an uncertain future.“We are not sure about the future of this pharma unit. We are also not sure about our future since the investigating authorities have seized our D Pharma certificates,’’ says one of the employees at Frontline Pharma.According to her, there are around 10 employees in the pharmacy, drawing a salary between Rs 18,000 and Rs 20,000 per month.It is learnt that Frontline Hospital, which is working with a skeletal staff, has no funds to clear the dues to the pharma distributors. According to sources, a few representatives of pharma companies are visiting the Hospital to recover the dues but are going back in vain.Meanwhile,, a senior manager of Frontline Hospital, has clarified that pharma companies supply medicines on credit and the hospital can clear the pending bills in three months.“As of now, the hospital has to pay Rs 20 lakh to the pharma distributors. There are around 100 people, including doctors, nurses, and technicians working at the hospital. We know about the problems that the company is going through but we continue to work for the welfare of patients,’’ says Irfanuddin.When contacted, IMAFL General Manager A R Tanzeel said, “I have not only lost my peace of mind but also my hard-earned money. Whatever I earned all these years, I invested in this company. I am not in a position to speak to the media. I am mentally disturbed.”IMA was a financial advisory run by the IMA group. After receiving dividends for 13 years, when the company started defaulting on paying dividends, investors complained. The founder disappeared leaving behind a message alleging that the group had given Rs 400 crores to ex-Minister Roshan Baig, which he never returned. Baig denied the allegation. Following this, investigations began into what is alleged to be a multi-crore financial fraud. Meanwhile, it is alleged that Khan’s IMA group interfered with the admission of teachers and students in the VK Obaidullah government school which it adopted in 2016.