Bengaluru: The I Monetary Advisory (IMA) jewels has cheated around 25,000 people across Karnataka amounting to the fraud of more than Rs 1230 crores. According to police, IMA was providing interest up to 8 to 10% on the investments made. As of now 21,000 complaints has been registered.
IMA founder and Managing Director Mohammed Mansoor Khan of IMA jewels have reportedly eloped to Dubai.
People have invested from Rs 50,000 to crores of rupees in IMA. People trusted IMA that they will earn profits every month and hence invested money in this Ponzi scheme. However, Mansoor has been paying profits to all the investors for over 12 years but this year he made a big fraud and eloped with all the money.
Keeping religion as a play card Mansoor has cheated over 25,000 people. A special investigation team (SIT) has been set up by the state government to look into the matter.
Seven directors of IMA Jewelers have been arrested and a probe has begun into the matter.
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Meanwhile, police have seized all IMA branches of IMA. It is believed that Mansoor Khan has already taken all the gold and diamonds and fled the country on April 9th.
On the other hand, the matter has taken a political twist with big names like Congress leader Roshan Baig and Karnataka’s food and civil supplies minister and minority welfare minister B.Z. Zameer Ahmed Khan being connected to it.
Also, Mansoor Khan was seen in the pictures with Karnataka chief minister H.D. Kumaraswamy, former CM Siddaramaiah and others.
IMA has business in medicine, education and real estate. Dubai return Mansoor was running his business in Bengaluru for more than 12 years.
