I Monetary Advisory, shortly known as IMA is in a virtual Strom with its founder Mohammad Mansoor Khan absconding.
The story of IMA being in 2006, with Mohammed Mansoor Khan, a gulf return got an idea rolling about halal investment and huge profits ranging between 22% to 32% annually.
He managed to convince the Muslim community at large by the term “Halal”. He has promised open transactions and information to investors as in where their money will be invested and how will they be reaping profit shares.
Mansoor Khan promised to invest in gold, silver, copper, nickel and precious stones.
Indian Muslim, particular from South Indian states were excited about this idea and began investing heavily on IMA’s schemes and they were being paid profits from their investments properly.
Investor’s vary from all walks of places such as Bengaluru, Mangalore, Mysore, Chennai, Melvisharam, Vellore, Ambur, Vaniyambadi, Bangarpet, Hubli, Solapur, Tumkur, Hyderabad and people from many more places had invested in IMA’s Ponzi scheme.
Many expats living in Dubai, Abu Dhabi, Muscat and Riyadh have also invested in very heavily and were reaping benefits until IMA stopped paying them profit 3 months back.
The real trouble began on June 10th, when a voice Message from Mansoor Khan addressed to the Police Commissioner of Bengaluru got leaked and got circulated widely. In no time all the investor’s residing locally gathered at IMA headquarters, but in disarray, as they found the shop to be closed. The intensity of the situation was so baffling that a large patrol of police had to be pressed into action and control the emotional and angry crowd.
In the voice clip, Mansoor Khan states that he will not be alive by the time this voice clips reach them, he also says that he is unable to run the business further and Congress MLA Roshan Baig took a loan of 400 crores but hasn’t repaid the amount as he failed to fetch a seat in Indian Parliamentary Election.
Instead of repaying the loan he has started threatening him and sending goons to his house and office in Bengaluru. Fearing this Mansoor Khan had hidden his family in some village in Karnataka. MLA Roshan Baig has rubbished these claims and even doubted the authenticity of the audio clip.
He also informs that some politicians have tarnished his name in PMO and RBI.
Mansoor Khan finally states that he has property worth 500 crores and requests the police to sell them and repay the investors.
Ever since the audio clip broke into social media we are hearing 1000 of stories from investors as in how they have saved the money and then invested into this Ponzi scheme. Bengaluru police have received approx 13,000+ complains in this regard.
With the scam estimated to be around 5000 crores of Indian Rupees. Indian National Congress has suspended MLA Roshan Baig for indulging in anti-party activities.
Karnataka government quickly swung into action and for an SIT team to nab the kingpin Mansoor Khan. SIT believes that Mansoor Khan has fled to the UAE and has asked requested CBI to seek help from Interpol to nab the culprit.
As per police sources apart from Mansoor Khan all 7 directors of the IMA group have surrendered and investigations are going on. Yesterday SIT has raided Mansoor Khan homes in Shivaji Nagar and Tilak Nagar.
They have recovered some key financial documents, gold jewellery and cash which was at Mansoor Khan home at the time of the raid.
There has been a growing demand by investors to move the case from SIT to CBI.
Despite all the steps taken by the SIT and Karnataka government, the investors are still in a state of shock and there is complete chaos in their life as most of the investors are believed to have lost their entire savings in this IMA’s Ponzi Scheme.