Bengaluru: On Saturday, I Monetary Advisory (IMA) founder-owner Mohammad Mansoor Khan was handed over to the Special Investigation Team (SIT). The accused will be in the SIT custody till August 16.

City civil economic offences court Judge Shivashankara B Amarannavara ordered that Khan be handed over to the SIT investigating the case. After the medical test, the accused was handed over to SIT and will be produced in court on August 16.

Khan, who had fled to Dubai, flew back to India after being persuaded by several people to submit himself before the law.

Mansoor Khan was arrested at Delhi airport on July 19. IMA has been accused of cheating investors to the tune of crores. Khan has been accused of running a ‘halal’ Ponzi scheme – where the money is rotated from new investors to older investors – in the name of I Monetary Advisory (IMA).

He fled India around June 13, when the scam surfaced, and investigators believed that he had been hiding in Dubai. Khan has been accused of cheating over 40,000 investors to the tune of Rs 2,000 crore.