I Monetary Advisory (IMA) founder and owner, Mohammed Mansoor Khan has been sent to judicial custody after the Enforcement Directorate (ED) completed its probe.
Bengaluru: I Monetary Advisory (IMA) founder-owner Mohammad Mansoor Khan was brought to Bengaluru’s city civil court in a CRPF vehicle and has been sent to judicial custody for 14 days. The Enforcement Directorate (ED) has completed the probe in the case.
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 is accused of multi-crore scam in Bengaluru. Khan was then taken to the ED office for further questioning.
Karnataka Special Investigation Team (SIT) head and joint commissioner of police (crime) BR Ravikanthe Gowda had said that they tracked Mansoor Khan in Dubai and arranged for his return to India.
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 believe he was hiding in Dubai.
Khan has been accused of cheating over 40,000 investors to the tune of Rs 2,000 crore. In a video he published, he had said that he was unwell and that he would be returning to India within 24 hours.
"I will be coming to India in 24 hours, on my will. I have full faith in the Indian judiciary," he had said.
The SIT has arrested 20 people, including IAS officer and former Bengaluru urban deputy commissioner Vijay Shankar (IAS), assistant commissioner of the Bengaluru revenue department LC Nagaraj, BDA executive engineer Kumar, Bengaluru city corporator Syed Mujahid, one religious preacher and village accountant Manjunath. Others include the 12 directors of IMA.
Umair Shariff, a 42-year-old “social activist” was arrested for propagating IMA in exchange for cash and a van.
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Last Updated Aug 1, 2019, 1:37 PM IST