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

Charan Kumar | coastaldigest.com
June 24, 2020

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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.

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News Network
March 18,2025

Udupi, Mar 18: In response to concerns over the potential cancellation of the Mangaluru-Madgaon Vande Bharat Express due to low passenger occupancy, Udupi-Chikkamagaluru MP Kota Srinivas Poojary has proposed extending the service to Mumbai instead of discontinuing it.

MP Poojary met Union Railway Minister Ashwini Vaishnaw and urged him to consider the extension, highlighting the benefits it would bring to commuters and the economy. The minister promptly directed railway officials to ensure the train service is not discontinued and to explore the feasibility of extending it to Mumbai.

A detailed report on the economic significance of Mangaluru and Udupi was also presented, stressing the necessity of the train's extension. Additionally, a request was made to introduce a sleeper Vande Bharat train between Mangaluru and Mumbai in the future.

Expressing gratitude to the minister for his prompt attention and assurance of support, MP Poojary welcomed the positive response and reiterated his commitment to improving railway connectivity in the region.

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coastaldigest.com news network
March 20,2025

Mangaluru International Airport (MIA), Karnataka’s second busiest airport, has seen 148.5kg of gold smuggled between 2019 and December 2024, with 90% arriving from the UAE. Customs officials recorded 346 cases, averaging 30kg of gold seized per year (2.5kg per month). Most smugglers are from Kerala and Bhatkal.

A senior customs officer revealed that MIA sees at least five gold smuggling cases per month. Numbers dropped during the pandemic but surged after flights resumed. Many offenders are first-time carriers, while some are habitual smugglers. With fewer flights, customs thoroughly checks passengers, making smuggling harder.

Smugglers constantly innovate concealment methods. Hiding gold in the rectum remains common, but gold is also found in trolley bags, mobile covers, chocolate boxes, milk powder, biscuit packets, and clothing layers. Electronic devices like car speaker magnets, LED bulbs, AirPods, wristwatches, and ballpoint pens have been used.

Unusual tactics include hiding gold in a woman’s hairband, a baby’s diaper, and even a kheer mix packet (347g). In one case, a passenger attempted to smuggle 100g in his mouth under a mask but was caught.

Officials note that while the UAE remains a key source, smugglers now bring gold from other Gulf countries, continuously adapting to evade detection.

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Agencies
March 10,2025

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Kannada actor Harshavardhini Ranya – also known as Ranya Rao, arrested for smuggling gold from Dubai – was allotted land to set up a steel plant by the previous Karnataka government in February 2023, said the Karnataka Industrial Area Development Board (KIADB) said on Sunday.

Ranya Rao was found to be in possession of gold bars worth ₹12.56 crore at the Kempegowda International Airport in Bengaluru. Searches were also conducted at her residence, and gold jewellery worth ₹2.06 crore and Indian currency amounting to ₹2.67 crore were seized, the Directorate of Revenue Intelligence had said on Wednesday.

Ranya is the stepdaughter of DGP-rank senior IPS officer Ramachandra Rao.

The KIADB's statement comes after reports claimed that a company linked to Ranya Rao was allotted 12 acres of industrial land by the board in 2023.

The office of the minister for medium and large industries MB Patil shared the government's final notification issued on February 22, 2023, regarding the allocation of land to Ranya Rao's firm Ksiroda India at the Sira Industrial Area in the Tumakuru district, news agency PTI reported.

The Congress came to power after defeating the Basavaraj Bommai-led Bharatiya Janata Party in the Karnataka assembly election in May 2023.

The proceedings of the Karnataka government, shared by the minister's office, said, "Approval to the proposal of M/s Ksiroda India Private Limited to establish a unit for manufacture of 'steel products - TMT bars, rods and allied products' at Sira Industrial Area, Tumakuru district.

"The government is pleased to accord in-principle approval to the investment proposal of ₹138 crore, generating employment to about 160 persons with the following infrastructure assistances, incentives and concessions," it said.

In a press release issued by MB Patil's office, the KIADB said the allotment to the company linked to Ranjya Rao was done in January 2023.

KIADB CEO Mahesh said on Sunday Ksiroda India was allotted 12 acres of land on January 2, 2023, by the previous government, referring to the BJP, the PTI report added.

"The land, located in Sira Industrial Area, Tumakuru district, was approved for allotment during the 137th State Level Single Window Clearance Committee (SLSWCC) meeting held on the same day, when the last govt was in power," PTI quoted Mahesh as saying.

According to the KIADB press release, the company had submitted a proposal to set up a manufacturing unit for steel TMT bars, rods, and allied products, with an investment of ₹138 crore. The project was expected to generate approximately 160 jobs.

Ramachandra Rao is currently serving as the chairman and managing director of the Karnataka State Police Housing and Infrastructure Development Corporation Ltd.

The total seizure in the case stood at ₹17.29 crore, including assets worth ₹4.73 crore, marking a significant blow to organised gold smuggling networks.

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