Bengaluru: IMA Jewels case - Owner Khan flees India with Rs 1,200 crore


Daijiworld Media Network - Bengaluru (MS) 

Bengaluru, Jun 11: Mohammed Mansoor Khan, owner of IMA Jewels has escaped from the country along with his grandmother, third and fourth wives and children. He has cheated the investors to the tune of hundreds of crores. 

Meanwhile, several people are coming forward with claims of being cheated by Khan. They had invested in his company and were not paid interest for a couple of months and were assured that their dues will be paid on June 10. Police have intensified their inquiry as the investors who were taken for a ride by Khan are protesting on the streets. 

It has come to light that Khan has transferred an amount of Rs 1,200 crore to his personal account from the account of the company which had Rs 1,900 crore in it. Once the transfer took place, Mansoor fled the country along with his family. 

In the midst of this, it is clarified that he has transferred an amount of Rs 17 crore on Monday, June 10, the same day when his audio saying that he would commit suicide went viral on social media. Sales associate of IMA Jewels Mohammed Shabad has said that Mansoor Mohammed was fine and no harm was done to his life. 

Modus Operandi of Khan 

IMA Jewels did not charge their customers any making or wastage charges on the gold they used to purchase from the company. Scores of people used to buy gold seeing this offer. However, when the customers used to arrive at the showroom, the staff of the company would ask the customers to invest in the company. Most of the customers would get attracted by the sweet talk of the staff and invested money in the company. 

The company used to give an interest of Rs 3,000 a month on a deposit of Rs 1 lac with the company. As the company was paying the interest on time, it had secured the faith of the investors. As the investors, who received the interest on time spread the news, more people invested their money in the company. However, the company had not paid any interest in the past two to three months. It had promised to pay the interest of all the pending months on June 10. However, an audio of owner Mansoor Ali Khan went viral saying that he was killing himself due to harassment by political and prominent leaders of the state. 

Now it seems the story has taken a complete U-turn and it is clear that Mohammed Mansoor Khan cheated the gullible investors to the tune of hundreds of crores and fled the country. It is not known which country Khan has gone to. 

  

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Comment on this article

  • Ahmed, Bangalore

    Wed, Jun 12 2019

    Again the media is mis leading. IMA didnt lure the people, but infact people were greedy and marketed it through word of mouth. Meanwhile IMA never talked about INTEREST, as INTEREST in HARAM in ISLAM. If they had talked about INTEREST, then you would not have seen so many Muslim investors coz not many Muslims use INTEREST amount.

    IMA talked about profit & loss, but never fixed any profit, coz fixing profit is HARAM as it is an INTEREST.... Islam allows to invest in Shares, as it carries profit and loss, but not in Banks as they provide INTEREST which is fixed.

    The news is half truth and misleading..... All these negative talk erupt only when company goes in loss for various reasons, but until the company runs smoothly, people keep on praising and for everybody its a genuine company and doing legal business... Greedy humans, when you invest in any business try to bear losses too.

    DisAgree [17] Agree [10] Reply Report Abuse

  • Ahmed, Bangalore

    Wed, Jun 12 2019

    This news is not at all true. He has not gone anywhere, he is in Bangalore south. He has kept his family hiding coz of life threat from Shivaji nagar MLA, shivaji Nagar corporator etc for asking to return his money back which clients had invested in business.

    By the way all the transaction by clients have done through bank and no cash was accepted while depositing.

    The company was running smoothly until the MLA who forcefully took money to win seat denied to return it back. We all know who that lootera is and the who is planning to shift to BJP to avoid ED problems.


    In fact in recent audio released yesterday he had named 3 people behind this issue and also promised to return back all the money by selling his properties and gold and diamonds including schools and colleges.

    This news of fleeing the country is baseless and he is very well alive in Bangalore south.

    DisAgree [15] Agree [5] Reply Report Abuse

  • Rao, Udupi

    Wed, Jun 12 2019

    These type of incidents are not new. It happened many a times. Many NBFC's cheated people in a sophisticated manner. You have a big list all over India.

    People should be careful while investing. They should not fall prey for higher returns or attractive offers. There can be stringent laws but if people are not careful, it does not help. Law breakers are more than law makers in our country. Whatever law you bring they will find ways to break it.

    The principle is simple. Invest necessity funds only in safe banks or institutions even if return is less. If you have surplus funds for which you can afford to take risk then go for equity or such other avenues.
    Many people have put necessity funds in equity and have burnt them.

    DisAgree [1] Agree [7] Reply Report Abuse

  • Honnappa, Byadagi

    Wed, Jun 12 2019

    How come 1200 crores be transferred to his personal account without central govt agencies like IT, ED knowing ? That too under so called honest PM of India digital India for past five years.

    DisAgree [3] Agree [14] Reply Report Abuse

  • SP Shetty, Kateel/dubai

    Wed, Jun 12 2019

    Lol with 3rd and 4th wife's..lol,

    Feel pity for them, itna shaadi karega pet palne aisa kaam Karna hi padega I guess.

    DisAgree [5] Agree [16] Reply Report Abuse

  • abdulla, india

    Wed, Jun 12 2019

    while we common man in india are struggling to earn couple of Lakh rupees:
    These guys along with NETHAS and Businessmen who are not ethical with no Conscience....
    Talk in Crores and crores.???
    Even one Illiterate POTTU Mla /mc IN horse trading.. talk in Crores.
    whose money and where is this money coming and collected?
    why is the IT/ED not acting?
    despite they know every indians and his history.
    Where is the accountability.
    why only the poor JANATHA get the raw deal?
    there are so many mililons of poor indians .with no Shelter. No health facilities..no toilets.
    and these GOONS talk in crores.
    Hope PMModi will un leash his authority to bring one and all CORRUPT into books and punish..

    DisAgree [1] Agree [13] Reply Report Abuse

  • Aam Aadmi, Mangalore

    Wed, Jun 12 2019

    For any conman to succeed and make money all he needs is FOOLS. The investors in their GREED for money forgot that even Ambani or Bill Gates cannot give a 36% annual interest as no business is so profitable. In the digital age if you google you will come to know that it’s a Ponzi scheme wherein the people who first invest make money at the expense of those who do it later. So don’t blame the conmen but blame the GREED of these FOOLS and they deserve it.

    DisAgree Agree [5] Reply Report Abuse

  • Kiran Dsouza, Mangalore

    Wed, Jun 12 2019

    My advice to people :
    If you have money keep safely in Nationalised Banks, invest in LIC.
    which are directly controlled by the government.

    DisAgree [2] Agree [12] Reply Report Abuse

  • haneef, Bangalore

    Wed, Jun 12 2019

    We people hope to come back him mainly but this political people is there never come front police and CBI cant arrest to political person they dont have guts to arrest if have then start with political people to arrest.

    all are gamling here.

    DisAgree [1] Agree [6] Reply Report Abuse

  • Arthur, Mangalore

    Wed, Jun 12 2019

    What did Khan do to his first and second wives?

    DisAgree Agree [13] Reply Report Abuse

  • El En Tea, Mumbai

    Wed, Jun 12 2019

    Quite intersting you know he fled with 3rd and 4th wives

    DisAgree Agree [5] Reply Report Abuse

  • Ravi, Mlore/USA

    Wed, Jun 12 2019

    This is a classic PONZI scheme. The returns offered are extraordinary. The first investors are paid on time-with their own money. The word spreads and others want in on this great opportunity. When there are insufficient new investors to pay off the older investors, the scheme falls apart. In this case he decamped before being caught. 36 % percent interest. If it sounds too good to be true, it probably is. Govt should be able to trace where he transferred money to and recover some of it.

    DisAgree [1] Agree [4] Reply Report Abuse

  • tds, manglore

    Wed, Jun 12 2019

    Transferring crore no issue...
    Transferring 1000rs income tax raid. ...
    Digital India....

    DisAgree Agree [14] Reply Report Abuse

  • Vijay, Mangalore

    Wed, Jun 12 2019

    My dear Citizens....
    Finally the poor and middle class pay the price...
    Middle class with Taxes..
    Poor with lives...
    Shout any slogans... Even if he is caught and brought back... No fraudster has been punished with Monetary loss... Their family should be made into beggars.. then only they will learn not to do this..

    DisAgree Agree [3] Reply Report Abuse

  • Rita, Germany

    Wed, Jun 12 2019

    One more was helped to steal money of and flee under Modis Govt.out of India.and many more will follow.He has to feed so many wives and their chidren.Where he will be ?Probably to UAE or londn =ora island where noone knows ,no tax be paid.How come got.dont know?Only to control bank transfers,and airport .He brought shame to many of his muslim brothers and religion.In every religion ,caste or groups there is a black sheep.One should be very careful when one speaks of extraordinary investments and rendits.Dont fall prey to these wolfs.Best keep your money may be under a coconut tree or give to a poor farmer who struggles to live.He may be happy and give it with big smile back and with some vegetables.

    DisAgree [6] Agree [7] Reply Report Abuse

  • john, mangalore/kuwait

    Tue, Jun 11 2019

    the news says that where khan flown nobody knows.
    how come? the imigration dept. is sleeping. now a days it is very easy to find out.
    i am a frequent flyer from kuwait to bangalore. whenever i visit the imigration beurau, or counter they scan my passport and they ask us to pose the camera. and what more we need?this man must have gone to london..
    london is the best hideout for indian thieves. one of my friends telling me that in islam neither we take interest or pay interest. then how come muslim people got cheated here?

    DisAgree [3] Agree [44] Reply Report Abuse

  • Dheeraj, Shirva Manchakal

    Wed, Jun 12 2019

    Looks like he still in india. Cannot fly so fast. Just rumours.

    DisAgree [1] Agree [4] Reply Report Abuse

  • James, Belman

    Tue, Jun 11 2019

    Rs.3000/- interest what he was paying is from the principle amount of the investors. This is a simple gambling to fool people.

    DisAgree Agree [22] Reply Report Abuse

  • Dinesh, Mangalore

    Tue, Jun 11 2019

    For poor people Income Tax notice.... for opposition ED notice... for chor free Modi Ride...

    DisAgree [19] Agree [31] Reply Report Abuse

  • Monty Dotor, Mangalore

    Tue, Jun 11 2019

    Income tax Dept. should also go after the depositors as it looks most of it is black money

    DisAgree [5] Agree [25] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Tue, Jun 11 2019

    Actually pity the gullible poor muslims in Shivajinagara area. They fell prey to Amanath Cooperative Bank 10 years ago which looted 500 Crores, now IMA Jewels

    DisAgree [2] Agree [44] Reply Report Abuse

  • Abdul Jabbar, Mangalore

    Tue, Jun 11 2019

    The whole idea was to loot people on the first place.Create a pious muslim image, grow beard, earn the trust of muslims. Now because of this guy , people( all religions) will start getting judgemental towards other muslims with a pious image.This guy is worst than mallya and nirav modi.As rightly said they cheated the banks but this guy cheated poor gullible people.

    DisAgree [4] Agree [97] Reply Report Abuse

  • Sanjay, Hebri

    Tue, Jun 11 2019

    Absolutely correct. Don't worry he will be back.....he could escape the country as no case was registered on him on the day of his journey..... nevertheless justice will be served.

    DisAgree [3] Agree [21] Reply Report Abuse

  • SKM, MANGALORE

    Tue, Jun 11 2019

    We have so many systems in place but cant prevent businessmen escaping cheating people. All businessmen travelling abroad should get prior clearance before departure from the authorities.

    DisAgree [3] Agree [35] Reply Report Abuse

  • Yenku, Panambur

    Tue, Jun 11 2019

    When Malyaji, Niravji and Modiji ate black forest cake; this Mullaji eat only Peanuts......................

    DisAgree [10] Agree [33] Reply Report Abuse

  • Vincent, Mangalore

    Tue, Jun 11 2019

    Rs. 3000/- per month for a deposit of 1 lac i.e 36% interest rate?

    DisAgree [1] Agree [46] Reply Report Abuse

  • Praveen, Mangalore

    Wed, Jun 12 2019

    People will never realise that no one can give such returns. people are very greedy and now crying for what they lost. Many people told me that some company s are giving good return , i always tell them if any one gives you more than 15 % in returns do not thrust them. if you have money invest by your own or keep in Gov banks.

    DisAgree Agree [2] Reply Report Abuse

  • Roshan, Mangaluru

    Tue, Jun 11 2019

    Fooling people with talks is a highly paid and highly respected profession these days. Can't blame those who take these people for a ride. There is always a price to pay for foolishness.

    DisAgree Agree [32] Reply Report Abuse

  • SmR, Karkala

    Tue, Jun 11 2019

    After Nirav Modi, Lalit Modi, Vijaya Mallaya and brother Mehul Choksi escape from India, more and more economic fraudsters are getting emboldened.
    This IMA Jewels Khan loot seems to be very pity comparing to the non-banking financial company Dewan Housing Finance Corporation Ltd, better known as DHFL, claims it can cover certain missed payments within seven days, but alarm bells are already ringing. In other words, rating agencies do not expect DHFL to be able to pay back the short-term debts it owes in full – including about Rs 850 crore of commercial paper.
    In 2018, another major NBFC, Infrastructure Leasing & Financial Services(IL&FS), went bust, causing alarm bells to ring throughout the industry. Banks became much more careful about lending money to NBFCs. But this led to a liquidity crunch since there was limited access to credit. Many NBFCs rely on short-term borrowing to finance long-term lending, which puts them in a difficult spot when there is a liquidity crunch.
    If the DHFL company fails, that will affect all of those that have extended credit to the company. That includes about Rs 50,000 crore from banks, another Rs 30,000 crore from the Life Insurance Corporation, pension funds and more. In other words, this isn’t about just one company failing: it is a danger to the already-beleaguered banking system.
    It won't be difficult for more economic fraudster find new home country when they come with Billions in investment. If the ministers themselves involved in shoddy companies then more IMA can exist.
    Something government needs to bring changes in the company registering policy. Otherwise more bubble is going to explode in the coming days.
    Jai Hind

    DisAgree [14] Agree [25] Reply Report Abuse

  • Ganesh, BANGALORE

    Tue, Jun 11 2019

    Dear SMR, Many such fly by night companies have been deregistered. the directors of companies who do not file the returns for more than 3 years get their DIN camncelled and they cannot become directors in any Companies for five years. These days if you see the KYC details to be filed by directors and the returns that a company needs to file, it makes it extremely difficult for such companies to escape. the next few years you will see fewer run away cases for sure. Is IMA jewels a Company ? it could be a propreitory concern or firm dont know.

    DisAgree [4] Agree [23] Reply Report Abuse

  • SmR, Karkala

    Tue, Jun 11 2019

    Ganesh, BANGALORE
    Sir, You are giving only one version of the story. Just take the example of ICIC Bank fraud created by 'Kochars' with dubious companies that has a very strong link to the ruling party.
    If you say the law is so effective then IMA would have been history with such huge investment.
    DHFL is going to the mother of all scams if not acted. It is a big bubble yet to be busted.

    I repeat, if the DHFL company fails, that will affect all of those that have extended credit to the company. That includes about Rs 50,000 crore from banks, another Rs 30,000 crore from the Life Insurance Corporation, pension funds and more. In other words, this isn’t about just one company failing: it is a danger to the already-beleaguered banking system.

    Jai Hind

    DisAgree [9] Agree [18] Reply Report Abuse

  • Mohammed, Mangaluru

    Tue, Jun 11 2019

    never invest your money without any documents... even if you have documents they will cheat you... nothing can be done these days people are getting fooled all the time by these frauds... there are not just one or two there are hundreds of people who is doing these frauds beware of them please...

    DisAgree [2] Agree [30] Reply Report Abuse

  • Mr Clean, Mangalore

    Tue, Jun 11 2019

    Under Modi's BJP govt there are no jobs and people have no income. People have to find some source of income but businesses are dwindling under BJP govt and businessmen are facing losses and fleeing the country. Only goondas of rogue organizations of BJP are thriving and now there is a new job opportunity for EVM hackers and manipulaters. It's becoming a goondaraj in India under BJP.

    DisAgree [62] Agree [51] Reply Report Abuse

  • Dheeraj, Shirva Manchakal

    Tue, Jun 11 2019

    Thanks Mr.Clean..it means nation once again turn to safe hand. Happy days are here again. Corruption-Free government..right.

    DisAgree [30] Agree [43] Reply Report Abuse

  • Mr Clean, Mangalore

    Tue, Jun 11 2019

    It's corruption free BJP Govt at the centre just like it got clean chit on Babri masjid demolition, Godhra riots, killing 500 innocent children for lack of oxygen, shelter home rape and murder of women and finally garlanded for this invaluable contribution and bravery, killing of 44 Pulwama CRPF who were disgruntled and against the govt were made sitting ducks for terrorists but still BJP govt at the centre is innocent and pure as long as thier agents do the evil work for them.

    DisAgree [38] Agree [40] Reply Report Abuse

  • PRAVEEN, MANGALORE

    Tue, Jun 11 2019

    This time do not blame Modi Govt.,

    DisAgree [32] Agree [44] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Jun 11 2019

    Mohammed Mansoor Khan will now join Mehul Chokshi & Nirav Modi ...

    DisAgree [18] Agree [54] Reply Report Abuse

  • SAMAD, Mangalore

    Tue, Jun 11 2019

    ''It is not known which country Khan has gone to.''
    Are you serious?? Our government cant even find where he flee from the country??.. State and central government both..

    DisAgree [9] Agree [57] Reply Report Abuse

  • Langoolacharya., Belman / Washington, DC.

    Tue, Jun 11 2019

    Possibly London...best place to fight deportation....he has many cousins there...


    ...Tak...Takk...

    DisAgree [3] Agree [50] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Tue, Jun 11 2019

    Real cheating
    Thinking that he can enjoy with the stolen money
    No country will support a thief
    He will be traced and brought back

    DisAgree [13] Agree [31] Reply Report Abuse

  • AARADHYA, MANGALURU

    Tue, Jun 11 2019

    why nirav modi and mallya is not yet back

    DisAgree [8] Agree [56] Reply Report Abuse

  • Dheeraj, Shirva Manchakal

    Tue, Jun 11 2019

    Humhe toh humhare logo ne loota....gairoyo mein kahan dum thi...
    Humhari kashti wahan paar dhoobhi....jahan par pani jyada thi...interest 3000 per month. Nirva Modi or Mallya not looted innocent people but banks. Here this man duped more his own people.

    DisAgree [2] Agree [30] Reply Report Abuse

  • Mangalurian, Mangaluru

    Tue, Jun 11 2019

    No country supports a thief?

    What about Antigua - where various Gujjus have fled with tens of thousands of crores?

    DisAgree [9] Agree [37] Reply Report Abuse

  • Dheeraj, Shirva Manchakal

    Tue, Jun 11 2019

    When you wont trust government backed nationalised banks such things happen. Ofcourse here gain is less but safety more. What you invest your hard earned money will fetch back less. People who are in overseas for small gain always use to send money thru havala urf hundi. Money which reached india latter on invest in such gold shops for more returns. Whenever there is good scheme around it means there is gotala. Now how they can recover money from him...of people who invested in it. Duping business is at large at this moment.

    DisAgree [2] Agree [21] Reply Report Abuse

  • R.Bhandarkar, Mangaluru

    Tue, Jun 11 2019

    What is more sickening is ...
    That he lead the most poor, innocent and gullible Muslim populace up the garden path....
    Earning money by way of 'Interest' is 'haraam' in Islam.... This' Con' man put it to good use....
    Not taking these money as 'deposits' but 'investment' from the poor and uneducated class!.
    Scores of people have lost their earnings of a life time...
    politicians are trying to get mileage of this also...not bothering about the common man's sufferings.
    Unless and until the whole of India gets'educated' in the real sense...all this nonsense and duping the
    innocents would continue....
    Mansoor Khan...wherever you are...Allah ko zaroor ye Manzoor nahin hai....you will never be able to live in peace with this looted money.... which is 'haraam' to the core...

    DisAgree [8] Agree [70] Reply Report Abuse

  • Happy ji, Adarsh Nagar, chikkodi

    Tue, Jun 11 2019

    Totally agree with you

    He will not be able to leave peaceful life

    DisAgree [3] Agree [30] Reply Report Abuse

  • Salim, Bagalkot

    Wed, Jun 12 2019

    Come on man...such people live peaceful and prosperous lives... u can just check the list of such people...

    DisAgree Agree [1] Reply Report Abuse


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Title : Bengaluru: IMA Jewels case - Owner Khan flees India with Rs 1,200 crore


 
 
 
 

 
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