UPDATE: Mansoor Khan is being interrogated by the ED
In a sensational midnight operation, the Enforcement Directorate has arrested Congress-backed I Monetary Advisory (IMA) Jewels founder Mansoor Khan who is accused of perpetrating financial fraud worth crores. He has now been taken to ED's MTNL building in New Delhi for further questioning. Republic TV has accessed the first picture of Khan.
The ED had charged a PMLA case against him and was successful in getting a blue-colour notice against Khan. If ED had got red-colour notice they would have been able to nab him in Dubai. Khan had boarded the Air India flight 916 from Dubai and was arrested in Delhi by the ED which intercepted his trip.
On July 15, in a video released by the Ponzi scam accused, Khan had said that he would return to India within the next 24 hours. The development comes days after Republic TV exposed links between the Congress-JD(S) links in the IMA (I Monetary Advisory) Ponzi scam nexus that left thousands of investors in the lurch. In a video released by Khan, he stated that he is trying to return to India within 24 hours and that he left the country under pressure in the first place. Furthermore, he reiterated his faith in the Indian judiciary system.
In June, Republic Media Network's SIT team had carried out a sensational investigation exposing Congress-JD(S) links in the IMA (I Monetary Advisory) Ponzi scam which duped as many as 40,000 Muslims of their savings. The investigation unearthened alleged links of not only Karnataka CM Kumaraswamy with the main accused in the scam and owner of IMA, but also exposed how Karnataka Congress leader Siddaramaiah heaped praises for the man who looted Muslims of their life's savings.
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.
Based on thousands of complaints, the SIT registered a case against him and others. It has so far arrested 22 people, including Khan, 12 directors of the firm, deputy commissioner of Bengaluru urban district Vijay Shankar, assistant commissioner L C Nagaraj, a Bangalore Development Authority officer, a nominated corporator of Bruhat Bengaluru Mahanagara Palike and a village accountant. Before fleeing he had accused Shivajinagar Congress MLA R Roshan Baig of taking Rs 400 crore and not returning it.
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.