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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News Network
January 20,2026

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Iranian security and intelligence forces have captured more than 470 individuals in three provinces, identified as key figures behind the recent wave of violent unrest and terrorist activities linked to foreign-backed networks.

The Intelligence Ministry's provincial office in Khorasan Razavi announced on Monday the arrest of 192 armed terrorists, identified as the main agents behind recent riots in the region. 

According to an official statement, the detainees were involved in the killing of several security personnel and civilians, setting fire to mosques, public service facilities, and buses, as well as attacks on military and law enforcement centers.

The seized items from the group include several bulletproof vests, Kalashnikov rifles, hunting weapons, Winchester rifles, and various cold weapons such as daggers, swords, brass knuckles, tactical knives, crossbows, and chains.

Evidence indicates that some of the individuals were tied to hostile movements and terrorist organizations, with links overseas. Others were identified as members of violent criminal gangs, actively taking part in the unrest alongside their associates.

Simultaneously, in the western province of Lorestan, the IRGC announced the arrest of 134 individuals as the main leaders and influential field agents of a US-Israeli terrorist network.

The IRGC statement stated that these individuals formed terrorist cells during the recent unrest, committing "Daesh-like" acts.

They wounded security forces with firearms and cold weapons, and burned and destroyed public and private properties, including mosques, shops, banks, and private and public vehicles.

In the northwestern province of Zanjan, the police reported detaining 150 people identified as principal leaders and agents behind recent riots.

Authorities noted that these individuals were responsible for destroying public and private property and intentionally setting fire to vehicles in the province's squares.

Their crimes include shedding the blood of innocent people, destroying public and private property, attempting to enter military sites, disrupting public order, and spreading terror among citizens.

A variety of cold weapons were reportedly seized from the detainees.

What began late last month as peaceful protests over economic hardship across Iran turned violent after public statements by US and Israeli regime figures encouraged vandalism and disorder.

During the unrest, foreign-backed mercenaries rampaged through cities, killing security forces and civilians and damaging public property.

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News Network
January 28,2026

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Mumbai: The sudden death of Maharashtra Deputy Chief Minister Ajit Pawar in a plane crash in his hometown of Baramati has plunged the state into political uncertainty, raising a pressing question for both the Nationalist Congress Party (NCP) and its rival faction, the Nationalist Congress Party (Sharadchandra Pawar): what next?

For the two factions that emerged after the dramatic split of June–July 2023, the moment marks their gravest challenge yet. Many believe the answer now rests with party founder Sharad Pawar.

Sharad Pawar, who founded the NCP in 1999 after parting ways with the Congress over Sonia Gandhi’s foreign origin, has already indicated his intention to step away from electoral politics once his Rajya Sabha term ends in April 2026.

Speaking at a public event in Baramati ahead of his 85th birthday on December 12, 2025, Pawar said he would not contest any further elections. “I have contested 14 elections. The younger generation needs to be given an opportunity,” he said, adding that he would decide later whether to seek another Rajya Sabha term.

Often described as the Bhishma Pitamah of Indian politics, Pawar also spoke of his gradual withdrawal from active leadership. “For the first 30 years, I handled everything. For the next 25–30 years, Ajit Dada handled responsibilities. Now, arrangements must be made for new leadership,” he said.

Ajit Pawar’s death has dramatically altered that transition, especially as he was working towards reunifying the two NCP factions.

“After the developments of June–July 2023 and the 2024 Lok Sabha and Vidhan Sabha elections, there were deep changes within the family and the party. In the last six months, serious efforts were made to reunite. Even workers from both sides wanted unity. This is a massive blow,” a Pawar family insider told DH over phone from Baramati.

Electoral outcomes over the past year reflected the split. In the 2024 Lok Sabha elections, NCP (SP) recorded the best strike rate in Maharashtra, winning eight of the 10 seats it contested. The NCP, by contrast, won just one seat out of four.

However, the trend reversed in the subsequent Vidhan Sabha elections, where the NCP emerged stronger, securing 41 of the 288 seats, while NCP (SP) managed only 10.

Within NCP (SP), Sharad Pawar’s daughter Supriya Sule serves as Working President, followed by leaders such as Rohit Pawar, state president Shashikant Shinde and former state chief Jayant Patil.

In the NCP, Praful Patel is the Working President and Raigad MP Sunil Tatkare heads the state unit. Ajit Pawar’s wife, Sunetra Pawar, is a Rajya Sabha MP, while their sons Parth and Jay are not actively involved in day-to-day politics. Parth Pawar briefly entered electoral politics in 2019 but lost the Lok Sabha election from Maval. Jay Pawar’s political debut was under consideration.

With Ajit Pawar gone, speculation has intensified that a member of the family may be asked to assume a larger role. For now, Sunetra Pawar is expected to play a key coordinating role in party affairs, alongside Patel and Tatkare.

The NCP continues to have several heavyweight leaders, including Chhagan Bhujbal, Hasan Mushrif, Dattatreya Bharne, Manikrao Kokate and Dhananjay Munde.

Ajit Pawar had already begun steps towards reconciliation between the two factions. While they contested the Pune and Pimpri-Chinchwad municipal elections separately, they later decided to fight the zilla parishad elections together under the ‘clock’ symbol—seen as the first formal step towards reunification.

Nagpur meet and party roadmap

Both NCP factions claim adherence to the ideology of ‘Shiv–Shahu–Phule–Ambedkar’. At the Rashtravadi Chintan Shivir held in Nagpur on September 19, 2025, the NCP reaffirmed its commitment to sarva dharma sambhav and discussed strengthening ties with the BJP “for the welfare and development of Maharashtra”.

In recent days, reports had suggested Ajit Pawar might return to the Maha Vikas Aghadi following the party’s poor performance in Pune municipal elections, but these claims were denied.

Big question for Maha Yuti

Ajit Pawar’s death also presents an immediate challenge for the Devendra Fadnavis-led Maha Yuti government. Pawar held crucial portfolios, including Finance, Planning and Excise. With the Budget Session approaching, appointing a new Finance Minister has become urgent.

Beyond numbers and portfolios, Maha Yuti has lost a swift decision-maker known for his administrative grip and political finesse—leaving a vacuum that will not be easy to fill.

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News Network
February 1,2026

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Sunday criticised the Union Budget presented by Finance Minister Nirmala Sitharaman, claiming it offered no tangible benefit to the state.

Though he said he was yet to study the budget in detail, Shivakumar asserted that Karnataka had gained little from it. “There is no benefit for our state from the central budget. I was observing it. They have now named a programme after Mahatma Gandhi, after repealing the MGNREGA Act that was named after him,” he said.

Speaking to reporters here, the Deputy Chief Minister demanded the restoration of MGNREGA, and made it clear that the newly enacted rural employment scheme — VB-G RAM G — which proposes a 60:40 fund-sharing formula between the Centre and the states, would not be implemented in Karnataka.

“I don’t see any major share for our state in this budget,” he added.

Shivakumar, who also holds charge of Bengaluru development, said there were high expectations for the city from the Union Budget. “The Prime Minister calls Bengaluru a ‘global city’, but what has the Centre done for it?” he asked.

He also drew attention to the problems faced by sugar factories, particularly those in the cooperative sector, alleging a lack of timely decisions and support from the central government.

Noting that the Centre has the authority to fix the minimum support price (MSP) for agricultural produce, Shivakumar said the Union government must take concrete steps to protect farmers’ interests.

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