‘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
April 13,2024

modisiddu.jpg

Mysuru, Apr 13: Karnataka Chief Minister Siddaramaiah said that Prime Minister Narendra Modi, who will be visiting Mysuru on Sunday, is welcome in the state.

"Let him come and go. He is the PM. But he should tell people about what he has done to the people of Karnataka. Let him answer about the injustice done by the Union Government towards the state in terms of giving tax share, not releasing drought relief funds yet and also about the unemployment issue," he said.

The Chief Minister was speaking to media people near his residence at Sharadadevi Nagar in Mysuru on Saturday.

Reacting to a question on BJP's slogan, 'Teesri Baar Modi Sarkar, Ab Ki Baar Char Sau Paar' (Modi government for the third time with over 400 seats), CM Siddaramaiah said, "This slogan is only a strategy to divert the minds of people. Because, according to me, the NDA will not get an absolute majority/simple majority this time in the Parliament elections."

"I.N.D.I.A. bloc and the parties which are against BJP will get a majority in the Lok Sabha polls," he said.

Responding to the statement of BJP leaders that 'even if B R Ambedkar comes, the Indian Constitution cannot be changed', Siddaramaiah said, "BJP is always against the Indian Constitution. Savarkar and the second Chief of RSS M S Golwalkar both opposed the Indian Constitution written by Baba Saheb B R Ambedkar on January 26, 1950."

"When BJP MP Ananth Kumar Hegde spoke about changing the Indian Constitution twice, why wasn't he punished? Why wasn't he suspended from the party? Why didn't they drop him from the cabinet?"

"Hegde was not given a ticket for the LS polls, as he had not done any work in the five years and was only active for the last three-four months of his term. The reason Hegde was not given a ticket was because BJP had realised that he would lose the elections, and not because of his statement related to the Constitution" the Chief Minister said.

Meanwhile, regarding the nabbing of the two key suspects in the Rameshwaram Cafe blast case in Bengaluru, Siddaramaiah said, "I thank the National Investigation Agency (NIA) and also the Karnataka police for tracing and arresting the accused in the case, in Kolkata."

"They will be brought to Bengaluru and further information related to the case will be known after their interrogation," he said.

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
April 22,2024

modihate.jpg

New Delhi: Even though Prime Minister Narendra Modi's nasty election speech in Rajasthan's Banswara has triggered a nationwide controversy, the Election Commission has so far not taken any action. Meanwhile the Opposition bloc INDIA called the speech an attempt to divert attention from "real issues".

Addressing the people Banswara, on April 21, (Sunday) Modi openly attacked India’s Muslims, suggesting they were “infiltrators” and went on to claim that the opposition if elected would give away “mangalsutras” and “land” of those listening to his speech to them (Muslims). 

He referred to his immediate predecessor, Dr Manmohan Singh who was in office for 10 years as prime minister till 2014, and said, “Earlier, when his government was in power, he had said that Muslims have the first right on the country’s property, which means who will they collect this property and distribute it to – those who have more children, will distribute it to the infiltrators. Will the money of your hard work be given to the infiltrators? Do you approve of this?” 

Modi went on to say, “This Congress manifesto is saying that they will calculate the gold of the mothers and sisters, get information about it and then distribute it. Manmohan Singh’s government had said that Muslims have the first right on property. Brothers and sisters, these urban Naxal thoughts will not let even your mangalsutra escape, they will go this far.”

Narendra Modi and the BJP so far in their campaign trail have invoked religious faith, the Ram temple and Lord Ram multiple times, directly using it to call for people to vote for them. The Election Commission has been completely silent on the messaging via videos, tweets and other exhortations. 

Did Manmohan Singh really say that?

Modi’s claim that Dr Singh said that is not new and was refuted in 2006 itself by Singh’s PMO, when Modi had first made the false claim. The PMO had termed such remarks, “a deliberate and mischievous misinterpretation of what the Prime Minister said here yesterday at the meeting of the National Development Council, on fiscal priorities of the government.” It was termed “an avoidable controversy has been generated. The Prime Minister’s observations have also been quoted out of context in some sections of the electronic media, fuelling a baseless controversy.”

The full text of the paragraph in which the Prime Minister referred to the issue of minority empowerment to clarify the matter is as follows:

“I believe our collective priorities are clear: agriculture, irrigation and water resources, health, education, critical investment in rural infrastructure, and the essential public investment needs of general infrastructure, along with programmes for the upliftment of SC/STs, other backward classes, minorities and women and children. The component plans for Scheduled Castes and Scheduled Tribes will need to be revitalized. We will have to devise innovative plans to ensure that minorities, particularly the Muslim minority, are empowered to share equitably in the fruits of development. They must have the first claim on resources. The Centre has a myriad other responsibilities whose demands will have to be fitted within the over-all resource availability.”

The PMO’s clarification said. “it will be seen from the above that the Prime Minister’s reference to “first claim on resources” refers to all the “priority” areas listed above, including programmes for the upliftment of SCs, STs, OBCs, women and children and minorities.

Opposition reacts

Chairman, Media and Publicity department of the Congress, Pawan Khera said in a video message in a post, “We challenge the Prime Minister to show us if the word Hindu or Muslim is written anywhere in our manifesto. This kind of lightness is there in your mentality, in your political values. We have talked about justice for the youth, women, farmers, tribals, middle class and workers. Do you object to this as well?”

Khera was referring to earlier mistruths uttered by Modi about the “Muslim League” having influenced the Congress manifesto.

In Jharkhand’s Ranchi at an opposition rally, Congress president Mallikarjun Kharge is reported to have said by BBC Hindi, “If democracy and the Constitution end in the country, then the people will have nothing left. Babasaheb Ambedkar ji and Jawaharlal Nehru ji gave equal voting rights to everyone, due to which all classes got respect. But Narendra Modi wants to snatch their rights from the poor.”

B.V. Srinivas termed it as unfortunate that “this person is the Prime Minister of this country, and an even bigger tragedy is that the Election Commission of India is no longer alive.” He said that “due to the frustration of impending defeat, the Prime Minister of India is openly sowing the seeds of hatred, he is polarising by misquoting Manmohan Singh’s 18-year-old incomplete statement, But the Election Commission (Modi ka parivar) is bowing down.”

Modi’s past hate-speech

Modi, in his 12-year tenure as chief minister of Gujarat was known to have made speeches targeting the state’s minority Muslim community brazenly, terming camps where Muslims were forced to stay in after communal violence gripped the state in 2002. Frontline covered him on his Gujarat Gaurav Yatra started shortly after the violence, at a rally at Becharaji in Mehsana district in northern Gujarat, when he said, “What should we do? Run relief camps for them? Do we want to open baby-producing centres? But for certain people that means hum paanch, hamare pachees.” 

In 2017 it was time again for direct speech targeting Muslims when in February he spoke of ‘shamshaan versus kabristan’ campaigning for UP and then for Gujarat elections when the BJP had its worst performance this millennium, in a speech at Palanpur on December 10, 2017 Modi invoked a “secret meeting” to get Pakistan to fix Gujarat’s assembly polls. He said that a meeting was held at Congress leader Mani Shankar Aiyar’s residence, attended by former PM Manmohan Singh, former Vice-President Hamid Ansari, former Army Chief Deepak Kapoor and distinguished diplomats to execute the plot. Modi’s PMO faced embarrassment when in response to an RTI filed by the Congress, his office was forced to say that Modi’s campaign speech could have been based on an “informal input”.

In the only question he has answered as part of a press conference with Joe Biden on June 22, 2023, Modi was asked, “India has long prided itself as the world’s largest democracy, but there are many human rights groups who say that your government has discriminated against religious minorities and sought to silence its critics.  As you stand here in the East Room of the White House, where so many world leaders have made commitments to protecting democracy, what steps are you and your government willing to take to improve the rights of Muslims and other minorities in your country and to uphold free speech?”

In response Modi appeared visibly frazzled and denied all charges. “I’m actually really surprised that people say so.  And so, people don’t say it.  Indeed, India is a democracy.” 

The journalist was trolled online by BJP leaders and supporters to such an extent that the White House had to come out and defend her and strongly denounce the trolling and abuse.

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
April 25,2024

Bengaluru, Apr 25: Former union minister C M Ibrahim, who was expelled from Janata Dal (Secular) for protesting against party’s alliance with BJP, has stressed on need for a third front not just at the national level, but also in Karnataka. 

Addressing a news conference in Bengaluru on Wednesday, he said he’s planning to form a third front in Karnataka along with Lingayat Seer Dingaleshwar Swami.

Ibrahim said that he will tour the state between April 27 and May 4 and that he would meet Dingaleshwar Swami on April 29. “There is a need for the third front in this country. We will try to establish a third front in association with the seer and we hope we will be successful in those efforts,” he said.

Expressing disappointment with the Congress for not doing enough to gain the full confidence of Muslims, Ibrahim said that Congress is concentrating only on certain communities for votes, and ignoring Muslims. 

“The Congress is not even caring for Muslims and Dalit votes. In some Muslim areas they did not even hold campaigns seeking votes and trying to convince the communities which never vote in their favour. I fear this may lead to low turnout and Congress may lose its vote base,” he opined.

Mentioning about guarantees on which Congress is strongly relying during this election, Ibrahim said, such things won’t work all the time. “Guarantees will not work anymore. Every election you need to give something new to the voters,” he added.

On Prime Minister Narendra Modi’s statement that Congress is trying to appease minorities for votes, Ibrahim requested both Congress and BJP parties not bring Muslims between them. “I request both parties. Leave us alone. Don’t make us sandwiches for your political sake. We are living with peace and hope even the Prime Minister will understand this,” Ibrahim added.

Launching a broadside against Prime Minister Deve Gowda, Ibrahim said, “Deve Gowda has sold his personality itself. Whatever I have told about JD(S) has come true. I pity, a former Prime Minister should not have come to this stage,” he said. 

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.