NEW DELHI/BENGALURU: In a politically sensitive case that has put some Karnataka ministers under scrutiny, the Enforcement Directorate on Friday attached properties and bank deposits worth Rs 209 crore in a ponzi scam involving Bengaluru-based IMA group of companies. It also summoned state minister B Z Zameer Ahmed Khan to appear before it by July 5.

The ED’s investigation found financial transactions between some ruling party ministers in the state with main accused and IMA group’s fugitive promoter Mohammed Mansoor Khan against whom the agency has sought a red corner notice. Khan fled the country a day before the state police registered an FIR on June 9.

A top source said the agency was looking at Khan’s close association with some Congress ministers. “One of the ministers had received Rs 5 crore from the company accused in the ponzi scam that defrauded more than 40,000 investors for over Rs 4,000 crore,” he added. In his affidavit filed for the 2018 assembly elections, Zameer Khan had said he had purchased property worth Rs 5 crore from IMA.

“I’ll appear before the ED and answer officers’ questions. If the case is transferred to the CBI, I’m the happiest person. My only prayer is investors, poor people in particular, get their investment back,” Khan told reporters.

The agency said its investigation showed that the IMA group and its directors were running a ponzi scheme, promising investors returns of 2.5-3% a month. It said IMA group was not doing any business to pay the promised monthly return on the investments made by people.

The ED is also probing the involvement of other ministers for delay in registering an FIR against the IMA group and its promoter when the scam was brought to their notice almost an year ago.

“State authorities were alerted about the ponzi scam at the regional intelligence council meeting a year ago, but the state police did not file any case till June 9, a day after Khan fled the country,” the source said. The ED probe is also looking at some state ministers having availed aircraft services entirely funded by Mansoor Khan, besides other financial benefits extended to them.

“On analysis of 105 bank accounts with various private banks and cooperative societies of IMA group, it was found that Mansoor Khan received about Rs 4,000 crore as investments which was diverted through various shell companies in acquiring properties,” the ED said in its attachment order.

The accused had acquired properties in his name and in the name of other directors and associates of the IMA group. “Investigation so far has identified 20 immovable properties worth over Rs 197 crore and 105 bank accounts having a balance of around Rs 12 crore,” the agency said.

The ED, which is examining the possibility of invoking Fugitive Offenders Act against the accused, said the first alert against Khan came two years ago when he was caught by the income tax department having deposited unaccounted cash of Rs 44 crore of demonetised currency notes in various bank accounts.

“As a result of action by the I-T department, the IMA group had paid tax of Rs 22 crore,” the ED said in its order.

