Bengaluru, Jun 20: A team of the Special Investigation Team (SIT) of Karnataka Police conducted a search at I Monetary Advisory (IMA) Jewels head office in Shivaji Nagar area here on Thursday in connection with the multi-crore ponzi scam.
The IMA Jewels is embroiled in a case where the firm had allegedly cheated a large number of investors after promising them impressive returns on their deposits.
IMA Jewels auditor Iqbal Khan was arrested by the SIT in connection with the Ponzi scam in Bengaluru on Thursday. Khan, a resident of Frazer town, has been the auditor of IMA for many years.
An 11-member SIT headed by DIG BR Ravikanthe Gowda was formed by the Karnataka government to probe the alleged fraud by the firm, which has an estimated Rs 200 crore investment from Muslim women alone.
The SIT on Wednesday had arrested seven directors of different entities linked to IMA founder Mansoor Khan, who is accused of allegedly perpetrating financial fraud in Bengaluru.
The accused directors are - Nizamuddin, Nasir Hussain, Naveed Ahmed, Arshad Khan, Wasim, Ansar Pasha and Dada Peer.
The police confirmed that over 25,000 complaints have been filed so far against the company.
It is alleged that IMA Jewels, with Muslims as its prime investors, has not paid interests on investments for the last three months.
Mansoor Khan disappeared after sending an audio clip to some investors threatening to commit suicide due to what he alleged was "harassment" by some politicians and rowdies.
Khan, in the said audio clip sent to investors, alleged that Karnataka MLA Roshan Baig, who was recently suspended by Congress for "anti-party activities", had taken Rs 400 crore and was not paying back.
Baig has, however, refuted the allegation and termed it a "total conspiracy." Scores of investors also staged protests outside the IMA Jewels office, demanding the firm to return their money.
Multi-billion ponzi scam: SIT raids IMA Jewels head office in Bengaluru