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Bengaluru: Rs 500 crore IMA Jewels scam - Government orders probe


Bengaluru, Jun 12 (IANS): The Karnataka government on Tuesday ordered an inquiry into the alleged misuse of investors' deposits worth crores of rupees by the city-based IMA Jewels firm.

"A Special Investigation Team (SIT) is being set up to inquire into complaints by hundreds of investors that IMA Jewels has stopped returning their deposits and paying hefty interest on them," state Home Minister M B Patil told reporters after a meeting with top police officials here on the alleged Rs 500-crore scam.

The 'fraud' came to light on Monday when the posh showroom of IMA Jewels in the city centre did not open after a week-long closure for Eid-ul-Fitr at the end of Ramzan last week, amid reports that its Managing Director Mansoor Ahmed Khan had fled to Dubai or Saudi Arabia along with his family to escape the investors' wrath as their savings were held up by his firm.

"A first information report (FIR) has been registered against Khan and the investment firm's four directors on complaints by about 7,500 investors against them under sections 406 and 420 of the Indian Penal Code (IPC)," a senior police official told IANS here.

Panic also set in among hundreds of anxious investors who flocked to the showroom on Monday after an audio clip purportedly of Khan's voice went viral on Whatsapp about a local Congress legislator harassing him to pay a Rs 400 crore ransom.

"We are investigating the audio clip that was also sent to the city police commissioner's mobile number from an unknown location to verify its voice and content as the person threatened to end his life if he was not saved from blackmail by the said legislator," the official said.

Congress legislator Roshan Baig, who represents the Shivajinagar Assembly segment in which the IMA Jewels office and showroom are located, however, denied asking Khan to pay up the money (Rs 400 crore).

With a majority of the investors from the Muslim community who deposited their hard-earned money for higher returns as IMA Jewels was reportedly offering 24-30 per cent interest per annum on their savings, a dozen Muslim leaders met Patil and asked for sealing of the firm's office and seizing gold, jewellery, diamonds and cash in its showroom.

"As most of the investors are ordinary people, including women from all occupations, we are worried about the safety of their savings, which are meant for the education or marriage of their children. The state government should arrest Khan and get their deposits returned with interest," state Food and Civil Supplies Minister Zameer Ahmed Khan told reporters after meeting with Patil.

 

 

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Comment on this article

  • GN, Mangalore

    Wed, Jun 12 2019

    Wonder what the JDS-CONGRESS government was doing until the scam broke out and the scamster fled the country inspite of 2 warnings by RBI.

    DisAgree [4] Agree [4] Reply Report Abuse

  • Augustine Daniel DSouza, Udupi Mumbai STATE OF KUWAIT.

    Wed, Jun 12 2019

    Never ever believe this Scam investors.
    They are all cheaters and fraud.
    Police should catch the culprits of this scam.

    DisAgree Agree [2] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangaluru

    Wed, Jun 12 2019

    There may be many others cheaters around who need to be brought to books and punished.

    DisAgree Agree [4] Reply Report Abuse

  • abdulla, india

    Wed, Jun 12 2019

    If Roshan Baig had borrowed this money.
    From where did this money come from?
    and how? and why?
    did he pay TAX?
    2/If they have to pay 10 to 50 crores to buy one Netha./MLA/MLC like Horse/cows on Friday markets..
    shameless.
    How will they recover to pay after winning ..all this was going on .
    If 10 crore was the investment..by abusing the portfolio ..seat he makes min 100 crores. by breaking the Law.. by Bribes/commissions.. abuse/misuse.
    So, now is the time to Crack down on all CORRUPT..
    All those who LOOTED the nation.. illegally..
    Now India needs this money in Trillions since independence Looted for Developt and growth
    to nurture ..employ 800 million youth..
    Despite being caught.
    With no hesitation or fear daily the People fly in with Illegal/smuggling Gold in KILOS.
    How?
    Every Custom officer/IT/officers should be under vigil..
    Old Custom officers were susceptible..
    Accountability ..
    Or face the MUSIC..

    DisAgree Agree [3] Reply Report Abuse

  • SAMAD, Mangalore

    Wed, Jun 12 2019

    Khan ho ya Shankar Saza sobko ek jaisi milni chaiye..Saudi or Dubai People make sure if you find him Shave his beard he is not eligible for it and submit him to poilce.Keeping beard is sunnah in Islam, i request all the muslims those who want to join terrorism, fraud, robbery whatever is haram is Islam Please remove your beards..This is affecting on the real Muslim who keeps beard just for sunnah..

    DisAgree [5] Agree [18] Reply Report Abuse

  • Ahmed, Bangalore

    Wed, Jun 12 2019

    Samad, dont pass your judgement by just reading media news. When we dont know d reality & only hearing from others, then we are not supposed to judge. You cant even ask anybody to shave his beared even if he is a criminal, as it is his personal choice of offering prayers & following any Sunnah.
    Just tell me one thing, R u allowed to stop a Muslim who we know dat he is a criminal to enter into a Masjid? If you agree it as no, then how can you even think by saying to shave off his beared?
    Dont get carried away by just hearing the news.

    FYI, IMA started 12 years ago, when many other fake business mushroomed since last 2 years. IMA was genuine with the investors as they never accepted any CASH dealings & only through Banks. They ran their business by not fixing any profit percentage but variable percentage. If one fixes d percentage of profit then its an INTEREST which is Haraam in Islam. It was similar to investing in Shares, which carries profit & loss, but not just profit alone. For so many years it was running well & people were happy as they used to get more percentage of profit, but since last 2 years when fraud cases of other companies such as AMBIDENT, HEERA, BURRAKH etc mushroomed people got scared & many tuk away their investment back & many others still pursued irrespective of drop in percentage of profit due 2 business impact.
    Meanwhile when reports of fraud from other companies erupted, some mischief mongers as well business rivals also complained to HM, PMO etc regarding IMA too. No matter Income Tax officials raided IMA an year ago, dey found nothing illegal & provided them clearance. Also there were many bureaucrats who took advantage of this situation & were asking hefty bribe, but worst was of Shivaji Nagar MLA Roshan Baig case as he never returned d amount after missing the seat. Al these situation turned a successful business into loss making & thus came into a situation of closing down.
    RUNNING A BUSINESS IN INDIA IS NIGHTMARE DUE 2 CORRUPTION

    DisAgree [5] Agree [8] Reply Report Abuse

  • SAMAD, Mangalore

    Wed, Jun 12 2019

    By offering namaz day by day they will reduce their criminal activities...I have seen many who keeps long beards and do criminal activities and clerics do rapes in madarasa do you think this is the good message of muslims?..And recently red muslims arguing to allow to Namaz in park?? are they serious first let them fill masjid in Fajr Namaz then let them claim..
    Even you dont know the exact reason so dont be Cleric here..I stay in the society where people directly blame Beards and he is a Muslim.
    I Have rights and i will tell it..If it doesn't disgust to you keep quiet..We people who roam in public gets problems..We Bring Rickshaw Driver Taxi Driver or a Shopkeeper is been ignored why? Just because we have Beards? Who bought this bad Image??.

    DisAgree [1] Agree [8] Reply Report Abuse

  • Ahmed, Bangalore

    Wed, Jun 12 2019

    Do you think my society and your society is different? If you are afraid to take criticism then there is no safe place on earth to survive and also you will not be able to survive longer. If someone criticizes your females wearing Hijab or criticizes you for wearing so and so clothes, then will you stop wearing it?

    Man, look if u have problems with beared people then ward off yourself from such people, than blaming all the beared persons. Try to respect Sunnah if not you follow it. Also I am not trying to be any cleric here, since you have been misguided it was my duty to reveal you the truth of IMA and also some positive words to not get carried away.

    When your talking about Namaz etc, then I believe the namaz where you offer, hope the imaam sported beared and your not afraid to be in such congregation?

    Since we are from Bangalore as well Mangalore since 40+ years, we will be much more aware of the real facts of incidents rather than people living 450KM away. We dont get carried away just by reading news or hearing through word of mouth.

    As said earlier, dont just get carried way and spit your words. Try to know the true fact. Allah zubaan diya hai iska matlab ye nahi ke kutch bhi kehdo.

    DisAgree [4] Agree [3] Report Abuse

  • SAMAD, Mangalore

    Wed, Jun 12 2019

    Who said i am afraid of beard people?..I said people are feared of beard people try to understand my words..I have beard and i follow the Sunnah Alhumdulillah..But people afraid to talk to us do know why? Because of these peoples who keep beard and do nonsense..If you really have knowledge go and educate such type of peoples who commit sins being in sunnah..

    DisAgree [1] Agree [3] Report Abuse

  • Prakash, Mangalore

    Wed, Jun 12 2019

    Ahmed, As Samad has said. if you know someone is a known criminal then you are obliged to stop him entering the masjid or temple or church and it is also your duty to report them to the authorities. You as well has everyone else irrespective of their religious identity have an obligation to society.

    DisAgree Agree [3] Reply Report Abuse

  • SAMAD, Mangalore

    Wed, Jun 12 2019

    No Mr. Prakash we cant stop anyone from coming to masjid and offering prayer..But yes its our duty to inform the authorities.

    DisAgree Agree [3] Report Abuse

  • Roshan Rodrigues, Mangalore

    Wed, Jun 12 2019

    What is the meaning of demonetization?
    not less than 2 lakh and more each people paid by cash to this IMA jewels ( i think, and it may be True no one paid by card or cheque ) till yesterday more then ten thousand people field there complaint in police station
    is this money called black money? or white?
    as per government link Adhar to bank account link pan card, link pakkoda, link tea...............................
    What is the use?
    still Sha's bank on fully profit. rest many banks merge still those are in loss as per RBI. new money making scams will starts from nationalized banks after the budget, people get ready for that.
    Jai ho Modiji

    DisAgree [6] Agree [6] Reply Report Abuse

  • Chatty Shetty, mangalore

    Wed, Jun 12 2019

    NO problem Khan. Keep going. these things have started happening after 2014. Many have been helped by the govt to run and you escaped on your own.
    Our one and only showman will bring all of you back here. till then we chant Modi Modi Modi..Tuk Tuk

    DisAgree [13] Agree [5] Reply Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Wed, Jun 12 2019

    Desperately need a break, as time heals everything .....

    DisAgree [3] Agree [9] Reply Report Abuse

  • Vijay, Mangalore

    Wed, Jun 12 2019

    so what was the use of aadhar and pan card linking ? also providing pan aadhar copies to bank accounts? 5 lac cash deposit during demonetization income tax dept sent notices to depositors , but here Rs. 500 crore scam what are the regulators doing ?

    DisAgree [4] Agree [3] Reply Report Abuse

  • Anil, Dubai

    Wed, Jun 12 2019

    No wonder in coming days we can hear more this kind of news …. ( i suppose it has been started after year 2014…!!!)

    DisAgree [6] Agree [13] Reply Report Abuse

  • Mangalurian, Mangaluru

    Wed, Jun 12 2019

    It is easy to blame one party in this type of investment schemes.

    The other party here, the investors, are equally guilty. They do not become saints merely because they have lost their money.

    The investors, in this day and age, would be fully aware that, when someone promises 24-30%/annum interest, there must be a catch somewhere.

    People have lost big time in various get-rich-quick ponzi schemes.

    But the investors are greedy. They think the ponzi schemes won't affect them.

    But perhaps, the investors think this is the way to make India a US$5-trillion economy - as promised by a Gujju-bhai of unknown educational qualifications.

    DisAgree [1] Agree [4] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Jun 12 2019

    Vijay Mallya, Mehul Chokshi & Nirav Modi are enjoying Overseas ...

    DisAgree [5] Agree [15] Reply Report Abuse

  • Sampath, India

    Wed, Jun 12 2019

    Don't fall into illusion....we need you here...

    DisAgree [4] Agree [8] Reply Report Abuse

  • SP Shetty, Kateel/dubai

    Wed, Jun 12 2019

    It seems Jossy do not have worldly khabar at all.

    DisAgree [5] Agree [9] Reply Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Wed, Jun 12 2019

    And we are unable to get out of even Nalasopara .....

    DisAgree [4] Agree [10] Reply Report Abuse

  • John, Manglore/Dubai

    Wed, Jun 12 2019

    In Islam there is law neither take interest nor give interest then how come they deposited money in such non companies.
    Who asked them to go after such illegal business

    DisAgree Agree [28] Reply Report Abuse

  • Ria chandran, Mangalore/New Zealand

    Wed, Jun 12 2019

    Amar ran away last year
    Akbar this year
    Antony next year?

    DisAgree [4] Agree [21] Reply Report Abuse

  • John R Lobo, Kaikamba

    Wed, Jun 12 2019

    Ria,

    You are wrong. Antony Fernandes Alias Ravi Poojary also escaped with Byrkina Faso Passport.

    DisAgree Agree [7] Reply Report Abuse

  • Prashant Karkera, Hejamady/Mumbai

    Wed, Jun 12 2019

    Antony & Fly will run away to Italy ....

    DisAgree [4] Agree [7] Reply Report Abuse

  • Chatty Shetty, mangalore

    Wed, Jun 12 2019

    yes. similar to your running away to mumbai to work in some shetty hotel

    DisAgree [7] Agree [5] Report Abuse

  • Jagdish, mumbai

    Wed, Jun 12 2019

    Prashanth karkera ..undu chatty shetty ayana na pani band atundu mithun rai sotina bokka...mandeg pett adu itte ena ena pateruwe,,hahahah....shetty hotel dayeg marre bombayn dada shettynakol krayog detondera?

    DisAgree Agree [5] Report Abuse

  • Anilta, Derebail mlre

    Wed, Jun 12 2019

    Antony fled from Senegal police. Antony fernandes ALIYAS ravi poojary.

    Chuuna laga ke baahg gaya..... Indian government mute....

    DisAgree [1] Agree [1] Reply Report Abuse

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Title : Bengaluru: Rs 500 crore IMA Jewels scam - Government orders probe


 
 
 
 

 
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