IMA Jewel Scam: Who is Mansoor Khan? Everything about the ponzi scam case

Mohammed Mansoor Khan, the owner of IMA jewels, has been arrested in New Delhi and is being questioned by the Enforcement Directorate (ED), said a Special Investigation Team (SIT) in Bengaluru which is probing the alleged ponzi scam. Khan, who had fled to Dubai, flew back to India and was arrested on landing in Delhi, it said in a statement. The scheme has allegedly duped more than 30,000 people of Rs 5,000 crore. People from Bengaluru, Hyderabad, New Delhi, and Tamil Nadu are said to have invested in the scheme.

According to Scroll, the Bengaluru-based company had been collecting investments for several years, assuring investors of returns of over 3 percent per month. The fraud came to light only on June 12 after a number of people gathered outside the office complaining of not getting returns on their investments for two months. On July 8, the SIT had arrested Deputy Commissioner of Bengaluru urban district BM Vijay Shankar for allegedly taking a bribe of Rs 1.5 crore from Khan.

Fled India after complaints registered against him

The owner and founder of I Monetary Advisory (IMA), travelled from Dubai to New Delhi after the SIT located and persuaded him to come to India and submit before the law. Khan had last month fled India after several complaints were registered against him in connection with the scam. Later, he released a video expressing his desire to come back to the country and participate in the investigation. An 11-member Special Investigation Team (SIT) headed by DIG B R Ravikanthe Gowda is probing the alleged fraud by the firm. Both the ED and SIT had issued lookout notice against him.

On Saturday, a special Prevention of Money Laundering Act (PMLA) sent Khan to Enforcement Directorate (ED) custody till July 23.

Search Operation

In a report published by India Today, Head of the Special Investigation Team (SIT) in the case, Girish revealed that in a search operation conducted with IMA case at Adoni Infrastructures, Rs 4,62,70,000 was seized. In another search operation at Mulberry Supermarket’s office, 300 silver coins worth about Rs 60,000 and cash worth Rs 52,030 were seized.

Mansoor Khan Hospitalised

On July 21, following complaints of chest pain and palpitations, Mansoor Khan was taken to hospital. Khan was taken to Sri Jayadeva Institute of Cardiovascular Sciences here. According to Director of the institute, C N Manjunath, anxiety and stress could be the reason behind the deterioration in his health.

Political Connections

“I did not eat any Biryani," Karnataka Chief Minister H D Kumaraswamy said in Vidhana Soudha on Monday in an apparent reference to his photograph with Mansoor Khan, which had gone viral on the net. “I am accused of having Biryani at a particular person’s house. I was invited during Ramzan. I went there. I did not eat any Biryani. After two health scares, I have given up non-vegetarian (food). I picked up only two morsels of rice,” he said in the Assembly during a discussion on the trust vote. On July 16, a photograph of Kumaraswamy was posted on the official Twitter handle of BJP's Karnataka unit.

The SIT had also questioned Congress MLA Roshan Baig in the case.