IMA ponzi scam: ‘Social activist’ arrested in Bengaluru

Bengaluru: The Special Investigation Team (SIT) probing the IMA scam has arrested 42-year-old Umair Shariff who ran a school in Bengaluru on the lines of promoting the ponzi company in exchange for cash and a van.

Shariff propagated the scam in exchange for Rs 60 lakh in cash and an Ashok Leyland van worth Rs 15 lakh. Shariff has been sent to police custody till July 22.

Mansoor Khan, founder and managing director of IMA has also been arrested from New Delhi airport after he returned from Dubai.

IMA Jewels is embroiled in a case where the firm had allegedly cheated a large number of investors, mostly Muslims, after promising them impressive returns on their deposits.

Khan, promoter of IMA Jewels and prime accused in the multi-crore ponzi scheme case, is under investigation for duping 40,000 investors in the state. He had claimed that he paid Rs 400 crore to Congress MLA Roshan Baig which the latter was not returning.