Karnataka ponzi scheme: SIT raids IMA Jewels' branches in Bengaluru, seizes jewellery worth Rs 13 crore
The Special Investigation Team (SIT) on Tuesday conducted raids at several branches of IMA Jewels over the case involving multi-crore ponzi scheme fraud accused and fugitive founder Mohammed Mansoor Khan.
DCP S Girish, who is heading the investigation in the case, said that the police seized 41 kg jewellery worth Rs 13 crore, a pistol, 50 bullets and property documents in the raids at IMA branches in Bengaluru's Shivajinagar. He added that four boxes of pledged jewellery were found and the raids are still underway.
The police said on Monday that Mohammed Mansoor Khan would be protected if he surrendered and submitted to law.
This came a day after Khan in a purported video on the official YouTube channel of the city-based jewellery-cum-investment firm offered to return to India if his life was protected from those plotting to kill him.
In his video, Mansoor Khan threw some big names for the IMA Jewels' muddle and claimed a threat to his life.
The SIT carried out searches at the IMA head office in Shivajinagar on Monday and found a huge quantity of mortgaged gold and other valuable gems.
Leaving thousands of investors, mostly Muslims, in the lurch, Mansoor Khan has fled the country and is suspected to be in Dubai.
How did Mohammed Mansoor Khan manage to cheat thousands of investors?
IMA Limited Liability Company (LLP) started only in 2013. Khan collected thousands of crores through investors, who claimed that they were told by IMA that were all partners in the company. Documents from the Ministry of Corporate Affairs showed that there are only partners in IMA jewellery LLP.
All the 60,000 victims were told they are sleeping partners in the firm.
The net worth of IMA, a private limited company as of 2018, was only Rs 79,09,961. By 2018, police sources said the company received almost Rs 1,600 crore as investment.
The Income Tax books of IMA were completely botched up. Thousands of crores of investment flowing into IMA was not shown in the books.
(With inputs from Nagarjun Dwarknath and agencies)