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
April 24,2024

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With the Karnataka transport department extending the deadline for the installation of High Security Registration Plate (HSRP) twice--- in November last year and February, it is no longer planning to extend the same. The department ordered for the installation of HSRP before May 31.

The transport department through a notification in August last year, had mandated the installation on all the vehicles that were registered in the state prior to April 1, 2019. According to transport officials, there are nearly two crore vehicles that are supposed to get HSRP for their vehicles.

“As of now, the state has registered only 34 lakh HSRP installations, despite extending the deadline twice. From nearly 18 lakh installations since February, the numbers have almost doubled. However, there are still a large number of vehicles that have to opt for HSRP,” said C Mallikarjuna, Additional Commissioner for Transport (Enforcement).

“We will wait till May 31 to check for the total number of vehicles that fall in line. We are expecting HSRP installations to touch 75 lakh, after which we will consider an extension as the numbers indicate that people are falling in line and if some more time is given everyone will get it done. However, if we do not reach that number before the deadline, we will request the government not to extend the deadline but urge for an enforcement,” he said.

He also stated that a fine of Rs 500 will be imposed for the first time and if vehicle owners do not fall in line, it will be Rs 1,000 later until they have installed HSRP. “We will wait till the Model Code of Conduct ends and take the government’s opinion. We are going to request the government for strict enforcement if the HSRP installations are not satisfactory,” he added.

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News Network
April 14,2024

Qatar and Kuwait have banned any use of their airspace and air bases for attacks against Iran amid heightened tensions between Iran and the Israeli regime following an Israeli attack early this month on an Iranian diplomatic mission in Syria.

Reports on Saturday indicated that both Qatar and Kuwait had issued directives to the United States stressing that the US military will not be allowed to use air bases in the two countries for carrying out any potential airstrikes on Iran.

Qatar and Kuwait have also indicated that their airspace will not be available for any military action against Iran.

The US has military aircraft at the Ali Al Salem Air Base and Ahmed Al Jaber Air Base in Kuwait. The Al Udeid Air Base in Qatar is also the largest US air base in the West Asia region.

The directives issued by Iran’s two Arab neighbors come amid reports showing that Iran is preparing to respond to an Israeli airstrike that killed two of its senior military commanders in its consulate in the Syrian capital Damascus on April 1.

Washington has urged Iran to deescalate while saying that it will defend Israel in case it is attacked.

Iran, which has no direct relations with the US, has called on regional Arab countries to advise the US not to interfere if Israel is attacked.

Countries have been wary of a major confrontation in the region more than six months into an Israeli onslaught on the Gaza Strip.

Reports show they have already limited the ability of the US to use their airspace and air bases for attacks on resistance groups that are allied with Iran and have been attacking Israeli and US interests in the region since the start of the Israeli aggression on Gaza.

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News Network
April 25,2024

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Bengaluru: The Congress and BJP will lock horns on the electoral battleground again, in less than a year, in Karnataka as the stage is set for voting in the first phase in 14 Lok Sabha seats on Friday.

It's going to be a straight fight between the ruling Congress and the BJP-JD(S) combine unlike the Assembly elections in May last year which witnessed a triangular contest among the three parties.

The state has a total of 28 Lok Sabha constituencies. The second phase of polling in the remaining 14 seats is on May seven.

A total of 247 candidates -- 226 men and 21 women -- are in the fray for the first phase in most of the southern and coastal districts.

More than 2.88 crore voters are eligible to exercise their franchise in 30,602 polling stations where polling will take place between 7 am to 6 pm.

While the Congress is contesting in all 14 seats, BJP has fielded nominees in 11 and its alliance partner JD(S), which joined the National Democratic Alliance (NDA) in three -- Hassan, Mandya and Kolar.

Besides the three, the segments where elections will be held on Friday are: Udupi-Chikmagalur, Dakshina Kannada, Chitradurga, Tumkur, Mysore, Chamarajanagar, Bangalore Rural, Bangalore North, Bangalore Central, Bangalore South and Chikkballapur.

In the 2019 Lok Sabha polls, Congress and JD(S), which were in alliance and ruling the state then, had secured just one seat each in these 14 segments. The BJP had won in 11 and ensured the victory of a party supported independent candidate in Mandya.

Having scored a thumping victory in the Assembly elections, the Congress now appears determined to put up a strong show.

Karnataka is the most important state for the BJP in south India as it's only here that it had held power in the past. 'Its alliance partner JD(S) is fighting to remain politically relevant, after the Assembly poll drubbing,' a political analyst said.

The Old Mysore region is the Vokkaliga heartland and parts of it have been the traditional bastion of the JDS.  However, the current elections are a battle for survival for JDS.

According to Karnataka Chief Electoral Officer Manoj Kumar Meena, 1.4 lakh polling officials will be on duty for the first phase.

Besides them, 5,000 micro-observers, 50,000 civil police personnel, 65 companies of Central Parliamentary Force and State Armed Police force of other States will also be deployed for security.

All the 2,829 polling stations of Bangalore Rural parliamentary constituency will be webcast, Meena said.

'This is as per the request of our returning officers and observers; so we have given more than double the Central parliamentary force for Bangalore Rural constituency. Seven companies of Central paramilitary forces have been inducted at the constituency since April 22,' he told reporters on Wednesday.

In fact, out of the total 30,602 polling stations in the first phase, 19,701 will be webcast, and 1,370 covered via CCTVs, he said.

Chikkaballapur has a maximum number of 29 candidates, followed by 24 in Bangalore Central, and Dakshina Kannada has the least number - nine.

JD(S) leader H D Kumaraswamy from Mandya, his brother-in-law and noted cardiologist C N Manjunath from Bangalore Rural on a BJP ticket, erstwhile Mysuru royal family scion Yaduveer Krishnadatta Chamaraja Wadiyar from Mysore, also from the BJP, and Deputy Chief Minister D K Shivakumar's brother and MP D K Suresh of Congress from Bangalore Rural, are among the prominent candidates in the fray in the first phase.

Also in the fray are BJP MP Tejasvi Surya from Bangalore South against Minister Ramalinga Reddy's daughter Sowmya Reddy of Congress, Union Minister Shobha Karandlaje on BJP ticket from Bangalore North against former IIM Bangalore professor M V Rajeev Gowda of Congress.

The Congress' performance in the elections, especially in the first phase which covers almost all Vokkaliga-dominated districts, is being seen as a big test of sorts for its state unit chief Shivakumar, who has made no secret of his ambition to become chief minister, amid speculations of change in guard mid-way of the Assembly term.

Stakes are also high for Chief Minister Siddaramaiah, as victory in particular in his home turf—Mysore and Chamarajanagar—is seen as key for strengthening hands, analysts say.

For the JD(S) and its state chief Kumaraswamy, the task is cut out -- to prove that the regional party is still a force to reckon with, particularly in the Vokkaliga dominated Old Mysuru or South Karnataka region.

Both Shivakumar and Kumaraswamy are Vokkaligas, and are engaged in a fierce turf war to consolidate their clout over the dominant community.

It is also seen as a kind of a 'litmus test' for state BJP president B Y Vijayendra, who has the onerous task of helping the party retain its supremacy in the Lok Sabha elections.

Ensuring a BJP sweep is paramount for the son of veteran leader B S Yediyurappa, to consolidate his position and silence critics who have questioned his selection for the post, overlooking seniors and seasoned hands.

The ruling Congress is mostly banking on the implementation of its populist five guarantee schemes. The BJP and JD(S) seem to be leveraging the 'Modi factor' to the hilt.

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