Founder of Islamic investment firm worth Rs 2,000 crore, alleges Cong MLA of cheated him of Rs 400 crore | Photo Credit: Shutterstock

Bengaluru: A huge crowd gathered outside a jewellery store owned by I Monetary Advisory (IMA), an Islamic banking and halal investment firm, in Bengaluru’s Shivajinagar on Monday, after an audio clip of its founder-promoter Mohammed Mansoor Khan went viral.

In the audio clip, the IMA founder threatened to commit suicide stating he is tired of bribing politicians and bureaucrats. He also alleged that Congress leader and Shivajinagar MLA Roshan Baig took Rs 400 crore from him and refused to return it. Khan also claimed that there is a threat to his life and his family members.

Baig told TOI that he did not have any financial dealings with IMA and that the audio clip was a conspiracy hatched by those with Congress to defame him.

Khan also claimed that he is under threat from other politicians and government officials who took money from him.

The police are yet to locate Khan and his family and ascertain whether he committed suicide. A search is underway for his family. He is believed to be absconding after the clip went viral.

Hundreds of people who invested in IMA Jewels went into frenzy and attacked its office in Shivajinagar after the audio clip went viral on WhatsApp, fearing that their money is under threat. However, the situation was brought under control through heavy police deployment.

Karnataka CM HD Kumaraswamy: IMA Jewels issue has been taken seriously. Government understands the situation of investors. I have also spoken to Home Minister MB Patil about the issue, case handed over to CCB (Central Crime Branch). Action will be taken against culprits. https://t.co/liMorleqGh — ANI (@ANI) June 11, 2019

"I invested ₹25 lakh last year & for 9 months I got returns but when elections started they said inflow of money has been affected & requested us to wait for 2 months. 2 days back we got a message from the owner saying he is committing suicide," an investor told the news agency ANI.

IMA promised unrealistic returns of 14-18% on investments and collected Rs 2,000 crore as a result. Its operations increasingly began to look like a Ponzi scheme which mostly had investors from the Muslim community.

As per the IMA group’s website, its business interests range from “Bullion Trading, Educational Academies offering Pre-Primary to Higher Secondary Education, Healthcare Services and a Multispeciality Hospital, Hypermarkets & Supermarkets, Infrastructure & Real Estate Development, Printing & Publishing and Retail Sales of Gold, Silver, Diamond & Platinum Jewellery”.

Khan’s purported audio clip emerged a day after his partner Mohammed Khalid Ahmed filed a police complaint alleging that he defrauded of Rs 1.3 crore by Khan.

Karnataka Chief Minister HD Kumaraswamy has promised to action against guilty persons. "IMA Jewels issue has been taken seriously. Government understands the situation of investors. I have also spoken to Home Minister MB Patil about the issue, case handed over to CCB (Central Crime Branch). Action will be taken against culpritsm," Kumaraswamy said.