Enforcement Directorate (ED) arrested I Monetary Advisory (IMA) Group founder Mohammed Mansoor Khan at New Delhi airport early Friday morning. Khan has been taken to the ED office for further questioning.
A Special Investigation Team (SIT) late Thursday traced Mansoor Khan, the main accused in the IMA Ponzi scam, to Dubai and persuaded him to return to India.
The privately-owned IMA Group floated a Ponzi scheme offering investors dream returns to the tune of 36 to 64 per cent on investments. The firm was accused of allegedly siphoning off nearly Rs 4000 crore of funds for the personal benefit of the owners.
Congress leader Roshan Baig who was detained on July 15 appeared before the SIT and submitted relevant records for perusal. SIT said on the basis of the records submitted by Baig who was one of the recipients of funds from the firm, will be called for further questioning if required.
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Ravinkanthe Gowde, SIT Chief probing the matter told news agency ANI, "An SIT team located IMA founder-owner Mohd Mansoor Khan in Dubai, through its sources, and persuaded him to come back to India and submit himself before law. Accordingly, he has travelled Dubai to New Delhi. SIT officers are in Delhi to secure and arrest him."
"As Look Out Circular (LOC) was issued against him by both Special Investigation Team (SIT) and Enforcement Directorate (ED), he will be handed over according to the procedures," he added.
Khan, who released a video on July 15, said that he would come back to India within 24 hours. "I am not keeping well. I need to get a cardiac operation immediately. There are three blockages that have to be operated upon. The major problem is that I cannot afford the medical expenditure here. With the blessings of Allah, I will come to India in another 24 hours on my own will. I have all trust in the Indian judiciary," Khan said in the video.
Khan’s firm came under the scanner of the RBI and other agencies in 2018 when investors began complaining of the company reneging on payments. The firm which enjoyed a lot of patronage in Karnataka managed to evade action till June 2019.
(with agency inputs)