IMA ponzi scheme scam: Number of complaints filed rise to 38,000

Police are also waiting for a court warrant to approach Interpol to ask for a red corner notice be issued against the company director Mansoor Khan, who has allegedly fled to Dubai

news Crime

The Special Investigation Team (SIT) probing the I Monetary Advisory (IMA) Ponzi scheme scam in Bengaluru has approached the Karnataka High Court to invoke the Karnataka Protection of Interest of Depositors (KPID) Act in the case.

If the Act is applied, the police can attach properties belonging to IMA and its director Mansoor Khan and the Revenue Department can sell them to compensate victims who fell prey to the company’s fraudulent scheme.

Monday marked the eighth day since an FIR was registered ay Commercial Street Police Station based on over 3,000 complaints against the company and its absconding director, Mansoor Khan. Since then, the number of complaints has gone up to 38,000, with more than 3,000 complaints filed in Mysuru, an SIT source told TNM.

The police are waiting for a court warrant to be issued so that they can approach Interpol to ask for a red corner notice to be issued against for Khan, as they suspect him to be hiding somewhere in Dubai.

On Monday, the SIT, led by DIG Crime Ravikanthe Gowda seized jewellery and cash from Mansoor Khan’s third wife.

According to SIT sources, the total value of properties seized so far has added up to Rs 621 crore, which includes the company’s offices and two high-end cars used by Mansoor Khan himself.

The seven other directors of the company – Dada Peer, Nasir Hussain, Naveed Ahmed Nattamkar, Nizammudin Azeemuddin, Afshan Tabassum, Afsar Pasha and Arshad Khan – who were arrested earlier, continue to remain in police custody.

Meanwhile, the blame game between authorities and politicians continued on Monday, with politicians asking why IMA, despite being flagged by the Reserve Bank of India as early as in 2015, continued to flourish. In an exclusive interview with Times of India, Revenue Minister RV Deshpande revealed that Congress MLA Roshan Baig had met him alongside Mansoor Khan. Deshpande claimed that Baig had vouched for Khan as a ‘man of good character’ and a resident of his constituency and had sought a NOC for Rs 600 crore.

However, Deshpande claimed that he did not provide Khan with any undue favours.

Deshpande’s statement contradicts Roshan Baig’s claims who has, till date, been claiming ignorance about IMA’s affairs. Baig could not be reached for comment.