‘Robbed by own people’: A year on, no relief for IMA ponzi scam victims

Charan Kumar | coastaldigest.com
June 24, 2020

imaponzi (1).jpg

Bengaluru, June 24: City-based I Monetary Advisory (IMA), which duped thousands of families, mostly Muslims, in the name of halal investment, has become a bitter reality of "we were robbed by our own people". All the accused except its CEO Mohammad Mansoor Khan have been released on bail in this ponzi scam worth thousands of crores of rupees.

The scam has not only been investigated by SIT and CBI, but it has reverberated many times in the Assembly, corridors of power, and in the courts.

Around 80,000 investors are in trouble after the Monetary Advisory (IMA) scam came to light. Many investors have left this world, many families have split, many marriages have broken down and many have become unemployed, homeless, helpless and hapless. One of the senior IAS office, who had faced arrest in the scam, reportedly killed himself just a day ago.

It has been more than a year since this multi-billion scam came to light. But the affected families still do not see any ray of hope. The government, led by senior IAS officer Harsh Gupta, has set up a special competent authority to address investor grievances in the matter.

According to information provided by Harsh Gupta, investors have to be paid Rs 2,900 crore. But the value of the company's assets seized so far could be around Rs 450 crore. The process of auctioning the assets has not started yet. The authority has developed an online portal for submission of claim forms from investors. But the process of taking applications has not started yet. Syed Gulab, a social worker overseeing the case, says that after all the claim forms have been submitted, we will get a clear picture about the exact number of investors and the total amount of arrears. But this process may take a few more months to complete.

Senior journalist Maqbool Ahmed Siraj says that IMA has systematically deceived people in the name of halal investment through capital scheme. In 2006, Muhammad Mansoor Khan, a one-time small businessman, set up a company. He began to attract large number of investors by creating the greed for more profit among middle class and poor people.

By 2015, the company had received money from more than 12,000 investors and continued to pay monthly profits. By the time the company closed in 2019, 80,000 people had invested their hard-earned money here. In Bengaluru, the company expanded its reach by investing in two major gold showrooms, hospitals, schools, several medical stores, a publishing center, a supermarket, and real estate firm.

Mr Siraj says that Mansoor Khan and his team not only lured the poor and middle class to pursue their own interests but also created a favourable atmosphere for their so called business by winning the hearts of politicians, government officials, clerics, religious institutions and media.

Unsuspecting people invested their money in a bid to make more profit in less time. When the company stopped making profits and Mansoor Khan suddenly fled on June 9, 2019, the investors woke up the to the reality.

Apart from residents of Bengaluru and other parts of Karnataka, people from Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra other states also have invested their money.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 26,2020

ctravi.JPG

Bengaluru, Sept 26: C T Ravi, Karnataka’s Minister of Kannada and Culture, has been named one of the national general secretaries of Bharatiya Janata Party.

The Bharatiya Janata Party (BJP) on Saturday announced a list of national office bearers which included Chikkamagaluru MLA CT Ravi and Bengaluru South MP Tejasvi Surya.

The appointment signals a rise within the party's ranks for Mr Ravi, who is a four-time MLA from Chikkamagaluru Constituency.

A total of 12 national vice presidents and eight national general secretaries were named by the party. First-term MP Tejasvi Surya, who was handpicked to replace the late Ananth Kumar as the BJP candidate from Bengaluru South, replaced Poonam Mahajan as Yuva Morcha national president.

Tejasvi Surya and CT Ravi were congratulated by their party colleagues following the announcement on Saturday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 28,2020

Bengaluru, Sept 28: AICC spokesperson Randeep Singh Surjewala, who is in charge of party affairs in Karnataka on Monday, held the ruling BJP government led by Chief Minister B S Yediyurappa responsible for the Bandh and urged him to ban and banish the anti-farmer-labour mindset.

In a tweet, he urged Yediyurappa to withdraw the amendments and tender apologise for the blatant sell out by the BJP on Land Reforms Bill and repeal the draconian amendments to APMC Act. This is your litmus test!

How can Yeddyurappa & his turncoat Cabinet sleep at night as #COVID19 deaths cross 8,500 in the state. With 5,75,000 #COVID cases, and over 1 lakh active cases, the daily spike has crossed the 9,000 mark, he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
September 24,2020

narayanaroa.JPG

Bengaluru, Sept 24: Congress MLA B Narayan Rao, who was undergoing treatment for coronavirus, died on Thursday, the hospital in Bengaluru where he was admitted said. The 65-year-old Basavakalyan MLA from Bidar district in North Karnataka was admitted on September 1 after being diagnosed with severe COVID-19 infection, Manipal Hospital Director Dr Manish Rai said in a statement.

He passed away at 3.55 pm,it said.

Dr Rai said he was critically ill with multi-organ failure and on multiple supports including ventilator in the Intensive care unit under constant observation by an expert panel of doctors.

"We deeply regret the loss and express our condolences to his family and friends," he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.