Another Ponzi scam surfaces in Bengaluru; director of Injaz International arrested
Post the crackdown on IMA directors, Misbah Mukarram, director of Injaz International was arrested by Bengaluru Police on June 12. The company ran a chain link business, and is due to pay Rs 89 crore to its investors
Bengaluru: The I Monetary Advisory (IMA) scam has brought to the forefront a number of Ponzi scams that have cheated people in Bengaluru. This has caused Bengaluru Police to come down heavily on fraudulent companies, as is evident in the arrests made recently. In the latest of such cases, Bengaluru Police arrested Misbah Mukarram, director of the Injaz International for cheating people to the tune of Rs 89 crore.
Misbah started a chain link scheme and made many Mulsim investors believe that they were putting their money in halal investments in order to gain their confidence.
He had also promised a 25% rate of return on deposits per month.
The CCB has filed a criminal complaint under various sections of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978, and Chit Funds Act, 1982.
This is not the first time Misbah has come under the CCB scanner. He was supposed to return Rs 250 crore to his investors and had obtained anticipatory bail through his associates Suhail and Shariff with a promise to return the money. A sessions court provided Misbah with a deadline of April 9 to pay off the money owed to investors.
But Misbah was only able to pay part of the amount, and still owed Rs 89 crore. It was then that Misbah went into hiding. A CCB team led by inspector Yathiraj laid a trap and managed to arrest the accused in a residence in Bengaluru.
The investigation wing of the Income Tax Department had raided Injaz Builders and Developers in June 2017 on suspicion of running Ponzi schemes and routing hawala money.
According to sources, Misbah also aspired to become an MLA, and hoped that Karnataka minister Zameer Ahmed Khan would help him obtain a ticket from either JD(S) or Congress to contest the election.