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
November 27,2021

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Mangaluru, Nov 27: Staff and customers of a car showroom at Padil on the outskirts of the city were taken aback when a wild boar barged in and created havoc. 

The incident occurred on Wednesday at around 1p.m. The entire scene was captured on CCTV camera and the footage is now doing rounds on social media.

The animal chased and tried to gore a person present at the scene. But, he managed to escape unhurt. 

The wild boar crossed the highway and entered the premises through the main entrance. 

The showroom personnel ran helter-skelter to avoid being gored by the wild animal.

After this encounter, the wild boar escaped into the nearby bushes.

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News Network
November 25,2021

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Kalaburgi, Nov 25: The sleuths of Anti-Corruption Bureau were in for a shock during a raid at the house of PWD Jewargi subdivision junior engineer Shantagouda Biradar at Gubbi colony here on Wednesday when they found currency notes worth Rs 13 lakh in the denomination of Rs 500 stuffed inside the pipeline.

The officials also found bundles of notes at the PoP ceiling of the hall.  The raid yielded Rs 54,50,000 in cash, 2 houses in Kalaburagi, one plot in Bengaluru, 36 acres of farmland, 3 cars, a school bus, a two-wheeler, Rs 15 lakh worth of household utensils and 100 grams of gold.

A team of ACB sleuths pounced on Shantanagouda’s residence in Kalaburagi at 5.30 am. Biradar, who was staying on the first floor of the building, suspected the ACB raid and refused to open the door for about 20 minutes. 

The officials grew suspicious that the JE could have stashed cash inside the pipe when the latter’s son was seen frequenting near the pipeline and got the pipeline drilled in the afternoon. Much to their shock, bundles of the currency notes started flowing out of the pipe. The JE has stuffed nearly Rs 13 lakh inside the pipe, the sources said.

The officials have information that Shantanagouda might have shifted huge amounts of cash to other locations and an investigation is going on in this direction also. 

A team of ACB sleuths led by North-East zone SP Mahesh Meghannavar raided the farmhouse located on the outskirts of Hangaraga (B) village in Yadrami taluk and the PWD office at Jewargi town. The officials found a gravel crushing machine in the farmhouse.

Shantanagouda did not cooperate with the officials initially and didn’t hand over the locker key of the house. The locker was opened by using a cutter, said ACB sources.

He has been working as a junior engineer in the Jewargi subdivision for 10 years. SP Meghannavar said the ACB officials from Kalaburagi, Bidar and Yadgir inspected three places belonging to Shantanagouda.

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News Network
November 20,2021

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Nov 20: Battered by the heavy rains for over a week, Karnataka is likely to witness another three rainy days according to meteorologists from the India Meteorological Department (IMD).

In its fresh forecast, the IMD has sounded yellow alert in 18 districts on Saturday. Further, officials explained that south interior and coastal Karnataka districts will witness fairly widespread rains for the next three days until Sunday.

"Revealing that the widespread rainfall along with thundershowers to continue in various parts of southern Karnataka. IMD Karnataka officials sounded ‘yellow alert’ in Bengaluru Urban, Rural districts, Tumakuru, Shivamogga, Ramanagar, Kodagu, Hassan, Davangere, Chitradurga, Chikkamagaluru, Ballari, Koppal, Haveri, Gadag, Dharwad, Uttara Kannada, Dakshina Kannada and Udupi districts," it said.

Commenting on the prevailing weather pattern over the Bay of Bengal, a senior meteorologist said that the depression over the Bay of Bengal is moving towards the west and a trough has been identified over the coast of Odisha.

Under the influence, southern districts are likely to witness widespread rainfall until Sunday.

According to IMD data, Gubbi and Tumakuru have received the highest rainfall of 15 cm, followed by Chintamani - 12 cm, Mulbagal and Srinivasapura - 11 cm.

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