Advertisement
Monday, Oct 25, 2021
Outlook.com
Outlook.com

CBI Takes Over IMA Ponzi Scam Probe

A multi-crore Ponzi scheme run by Karnataka-based I-Monetary Advisory (IMA) and its group entities which allegedly duped lakhs of people promising higher returns using Islamic ways of investment.

CBI Takes Over IMA Ponzi Scam Probe
IMA’s Mansoor Khan. | File Photo
CBI Takes Over IMA Ponzi Scam Probe
outlookindia.com
2019-09-02T14:52:01+05:30

The CBI has taken over the investigation into the multi-crore ponzi scheme run by Karnataka-based I-Monetary Advisory (IMA) and its group entities which allegedly duped lakhs of people promising higher returns using Islamic ways of investment.

Also Read: The Hen Faked Gold

The agency has booked the company and alleged mastermind and managing director Mansoor Khan, besides 24 other individuals and four sister concerns of the IMA, they said.

The case has been taken over on the request of the Karnataka government, they said.

Also Read: IMA Scam: ED Files Money-Laundering Case Against Bengaluru Based Firm For Ponzi Scheme

Promising high returns, Khan had allegedly duped over a lakh investors, mostly Muslims.

Many touts and some religious preachers were also among those who lured people to invest in IMA, they said.

Also Read: IMA Ponzi Scam Mastermind Mansoor Khan Arrested On Return From Dubai

The case came to light when Khan fled to Dubai, leaving behind a video message, saying that he was committing suicide because of "corruption in the state and central governments".

Khan was arrested on July 21 on his arrival in New Delhi by the Enforcement Directorate and is currently in judicial custody.

Before fleeing the country, Khan had even accused Shivajinagar MLA R Roshan Baig, who has been disqualified from the Assembly on a request by the Congress for his anti-party activities, of taking Rs 400 crore from him and not returning it.

Baig had rejected the claim, saying that the charges were false, baseless and frivolous

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

The Third Colour: Shah Rukh Khan Is A Symbol Worth Rooting For

The Third Colour: Shah Rukh Khan Is A Symbol Worth Rooting For

When we say we’re standing in solidarity with someone, we’re really standing up for our own ideals, values, peace and truth, writes comic-poet Varun Grover.

Cruise Drugs Case: Video Shows Hotelier Kunal Jani Inside NCB Office While Aryan Khan Was Arrested

Cruise Drugs Case: Video Shows Hotelier Kunal Jani Inside NCB Office While Aryan Khan Was Arrested

Aryan Khan, who is currently lodged in Mumbai's Arthur Road Jail, was arrested on October 2 on a cruise in connection to the possession of illegal drugs.

Why India Lost Vs Pakistan In T20 World Cup 2021 - Explained

Why India Lost Vs Pakistan In T20 World Cup 2021 - Explained

A settled Indian cricket team lacked intent against a fiery Pakistan side. The fire to break a jinx burnt bright in Babar Azam's team in Dubai on Sunday.

UP Govt Advert Claims State Has Most Medical Colleges, NMC Website Disagrees

UP Govt Advert Claims State Has Most Medical Colleges, NMC Website Disagrees

State officials blame medical education regulator NMC’s tardiness in updating its website, educators worried about students not being able to make informed choices.

Advertisement