Ponzi scheme: Whistleblower Alam Pasha seeks arrest of IAS officer, cop and IMA chief

News Network
October 27, 2021

Bengaluru, Oct 27: Industrialist-cum-whistleblower Alam Pasha has lodged a complaint with the Anti-Corruption Bureau seeking arrest of three persons, including IAS officer Harsh Gupta and Commercial Street Inspector of Police for alleged dereliction of duties with an ulterior aim to acquit IMA chief Mohammed Mansoor Khan, who is an accused in IMA scam.

Speaking to UNI, Pasha said Gupta, who was appointed by Karnataka government as Competent Authority (CA) on behalf of Revenue Department to retrieve the investors monies of more than Rs 4,000 crore and take action as per law against Khan and other accused in the case.

Giving background of the scam in his complaint, Pasha said Khan had floated a ponzi scheme offering investors dream returns on investments made in his firm called I Monetary Advisory Group.

Around October 2018, as many as 75,000 investors began complaining of the firm reneging on payments worth Rs 4,000 crore and the firm also had come under the RBI scanner, he said.

The firm was accused of siphoning off nearly Rs 4,000 crore of funds for the personal benefit of the owners of the firm, he said.

In June 2019, Khan absconded as police initiated a probe in the case. Before absconding, he had released an audio message for the police accusing then Congress MLA Roshan Baig for the fall of the firm, Pasha alleged.

Khan alleged Baig borrowed Rs 400 crore from the firm and failed to return it. He had also accused other politicians and officials of bleeding IMA resources, the complainant said.

After the scam became a major controversy, the then Karnataka Chief Minister HD Kumaraswamy ordered the creation of a Special Investigation Team (SIT) to probe the IMA scam, he said.

Khan was arrested by the ED at Delhi airport in July 2019. In October 2020, he was granted bail by Karnataka High Court, Pasha said.

Gupta, the complainant said, has failed to take action as per law to book IMA culprits to meet the purpose of his appointment to retrieve the monies of the investors from them.
He said the CA has failed in his duty to direct the Inspector of Police to file FIRs against the IMA culprits so that the victims of the scam get back their monies, which they had invested in nine of the companies owned by Khan.

"Unless the police file FIRs against the IMA culprits, no court in the country shall be able to deliver the verdict in favour of the victims. Filing FIRs is the first step towards providing relief to the victims," he said.

The CA also has failed in his duties to seek the intervention of the Ministry of Corporate Affairs to investigate serious frauds committed by IMA Group of companies so that the investigation is carried out without depending on police and their investigation, Pasha said.

The IMA group of companies fall under the purview of the Companies Act 2013 as they are not financial establishments, Pasha said.

Also, the CA has been appointed under section 5 of the Karnataka Protection of Interest of Depositors in Financial Establishment Act 2004, who enjoys powers to initiate an investigation into the financial establishments, but IMA Group of companies are full-blown firms, Pasha said.

"So, knowing that he has to depend on the investigation of the police, the CA is well within his rights to seek the intervention of the Ministry of Corporate Companies to conduct investigations under SFIO rules. If he is sincere and genuine, he would have asked for the SFIO probe," he said.

"It is very clear that the CA and the police officer are working in favour of the accused, namely Khan, rather than giving relief to the IMA victims, who are waiting for retrieval of their money. In these circumstances, I had approached the ACB and lodged a complaint seeking arrest of the three accused," Pasha said.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
November 30,2025

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Mangaluru, Nov 30: A 22-year-old college student succumbed to her injuries at a private hospital in Mangaluru today, days after she was hit by a goods tempo while crossing a road in Padubidri.

The deceased has been identified as Preksha, a resident of Nadsalu Billitota in Padubidri. The fatal incident occurred as Preksha, who was returning home after completing her examination, attempted to cross the service road towards Mangaluru. She was struck by a goods tempo approaching from the Udupi side, causing her to fall and sustain a severe head injury.

Prompt action from local residents ensured she received immediate first aid before being rushed to a hospital in Mangaluru for specialised treatment. Despite medical efforts, she passed away while undergoing care.

Preksha was a student at Karavali College, Vamanjoor on the outskirts of Mangaluru city. The tragedy is compounded by the fact that she belonged to a financially vulnerable family, having previously lost her father. She is survived by her mother and brother.

A case related to the accident has been registered at the Padubidri police station, and an investigation is underway to determine the exact circumstances that led to the collision. The incident highlights the growing concerns over road safety, particularly on busy service roads, and serves as a tragic reminder of the human cost of traffic accidents.

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News Network
November 29,2025

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New Delhi: Karnataka chief minister Siddaramaiah and deputy CM DK Shivakumar on Saturday put up a dramatic display of unity at a closely watched joint press briefing, firmly dismissing weeks of speculation about a power-sharing tussle within the Congress. With the high command nudging both leaders to sit together and settle the dust, the meeting became a political spectacle, ending with the duo declaring that there was “no confusion, no differences.”

Calling the reports of a rift “manufactured confusion,” Siddaramaiah said the talks had gone smoothly, even joking about their breakfast. “Breakfast was very good. All three of us enjoyed it,” he said. “We want to end this confusion once and for all. For local elections and for 2028, our mission is clear — Congress must return to power. There is no difference between me and DKS, not now, not before.”

He blamed the media for fuelling rumours and reiterated absolute adherence to the party leadership. “From tomorrow, let there be no confusion. What the high command says, we will follow.”

Siddaramaiah also assured that the Assembly session starting December 8 would run smoothly and vowed that Congress would take on the BJP and JD(S) “together.”

Shivakumar echoed the chief minister word for word, stressing loyalty and discipline. “People have given us a massive mandate. It is our duty to deliver,” he said. “This government was formed under Siddaramaiah’s leadership. We both have complete trust in the high command. If they tell me to wait, I will wait.”

He added that the two leaders had discussed strategy for the 2028 Assembly elections. “Whatever the CM says, I agree. We are loyal soldiers of the party. The party may be facing challenges nationally, but we will keep it strong in Karnataka.”

Shivakumar also said Siddaramaiah would soon visit his home for lunch or dinner — another symbolic gesture meant to underline their unity.

Both leaders later posted on social media describing the breakfast meeting as “productive” and focused on “Karnataka’s priorities.”

The BJP, however, rejected the show of camaraderie as “pure bunkum,” accusing Congress of trying to paper over an internal power struggle. But Siddaramaiah and Shivakumar insisted their united front would continue — and that there was “no confusion” within the state leadership.

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