Update: ED has issued summon to Congress Karnataka Minister Zameer Ahmed in connection with IMA scam after Republic's SIT investigation.
The multi-crore IMA scam has raised questions for several of the heavyweights of Karnataka Congress to answer. B.Z. Zameer Ahmed Khan – the cabinet minister in Kumaraswamy government is one such leader who has been exposed by Republic TV's mega investigation. Serious questions arise about the Congress politics and Ponzi scheme nexus which has left thousands of investors in the lurch.
Documents accessed exclusively by Republic TV show a fiscal transaction between I Monetary Advisory (IMA) and Congress leader Zameer Ahmed Kham. In his election affidavit, Mr. Khan has mentioned that he received Rs. 5 crore in advance from IMA against a property deal with the company running the Ponzi scheme. The document reveals that Mr Khan accepted money from IMA in relation to property in Bengaluru and all this while government agencies had put the company under the scanner.
Obaidullah Sharief, Ex-Secretary, Karnataka Congress Pradesh Committee had raised concerns regarding the business model of IMA. He runs a newspaper and claims to have cautioned people regarding the dubious scheme. Though he himself received advertisements from IMA, what remains unanswered is the fact that these people were aware of the reality i.e. the investors being cheated. Was Mr Khan not aware while his own party members were crying foul?
IMA's business model was under the radar of the agencies who flagged the issue but it appears that the company was aided and abetted by the politicians in Karnataka.
Documents reveal that RBI had received inputs about IMA and as to how it was running an unauthorised deposit acceptance scheme, and in addition, how the company was targeting a particular community. The whole matter was examined by Police and Economic Offences Wing. While the company was being investigated. Mr Khan chose to do deal with the company. Why?
While the agencies were busy finding the truth about the duplicitous nature of IMA's business, Congress leader Zameer Ahmed allegedly chose to have a property deal with the company. The RBI officials after visiting the office of IMA in Shivajinagar had clearly said that the company was collecting money from people under various unauthorised schemes. But Mr Khan found only this company to do a business deal with. Why?
How did Mansoor Khan leave the country when there was a serious case of suspicion against him? With this, multiple questions arise keeping a note of the fact that Khan's friends in the higher echelons of Karnataka Congress were seemingly doing every kind of business with him. Right from inaugurating IMA projects to selling properties, they had every connection. Moreover, there are pictures to prove that Mansoor had planned everything carefully. When the Karnataka SIT visited IMA Jewellery showrooms, they found that it had been carefully wiped. The showroom was cleared as if one didn't intend to do any business there. While Mansoor was carefully planning his exit, Congress leaders were allegedly enjoying IMA sponsored Mushairas and doing property deals.