Alleged ponzi scamster and I Monetary Advisory (IMA) founder Mohammed Mansoor Khan who was caught in a sensational midnight operation by the Enforcement Directorate will be produced before a Bengaluru court on Saturday. The IMA founder-owner was taken to Shanti Nagar Enforcement Directorate (ED) office in Bengaluru. He will be produced before Special PMLA court later on Saturday where the agency will seek his custodial remand.
The ED intercepted his trip as he arrived from Dubai in an Air India 916 flight in the wee hours of Friday and nabbed him.
He has been accused of duping investors of over Rs 4,000 crore. He had fled the country on June 8 as his company wound up its operations. Republic TV broke the news first at 6.00 am on Friday. Republic TV had also broken the news showing that the Ponzi scam mastermind had lived in a luxury hotel and was busy planning his business venture abroad. The channel has accessed never-seen-before photos of the luxury hotel where the IMA scam mastermind was meeting with his aides in order to discuss his business plans. Through sources, the channel has also found out that an Indian businessman was giving him protection to stay and operate from the posh area of Dubai.
A blue look-out notice against him had been issued by the Interpol. He had flown out of the country in June, and had left behind an audio clip in which he claimed to be depressed and having suicidal thoughts. In a separate video, he had said he would return to India and cooperate in the investigation and added that he had faith in the judiciary.
More than one lakh people had invested in the IMA Jewels which started 17 companies. Khan invited people, mostly Muslims, to invest in five companies, said the SIT, adding that Rs 4,084 crore was invested in the company. He has to refund approximately Rs 1,400 crore to his investors, the SIT said. Around one and half months ago, Khan had fled to Dubai leaving thousands of investors in lurch. Khan had promised them that he would return to India and refund their money.
Religion and Politics – the man had mastered the art of utilizing both for his business purpose. Top Congress leaders were on his speed dial. Top religious leaders were singing peans about him. All of this helped Mansoor build a credible image of his ponzi scheme. He managed to convince a majority of Muslims that his was a Sharia-compliant Halal investment.
When Mansoor was busted, he managed to flee from India, which would certainly not have been possible without active political support. For instance, he was called in for questioning on June 4 and on June 8, he left for Dubai, just before an FIR was registered against him. Interestingly, the police issued a lookout notice after he fled from Bengaluru whereas this notice is essentially issued to prevent a person from fleeing from the country.