The investigation pertains to the I-Monetary Advisory, popularly referred to as IMA ponzi rip-off, wherein 1000’s of gullible depositors have been duped of their hard-earned cash after being promised bumper returns.
The different officers named within the chargesheet embrace the then Inspector M. Ramesh and Sub-Inspector Gowri Shankar, working on the Commercial Street police station, and E.B. Sridhara, Deputy Superintendent of Police, CID Economic Offences Wing.
The CBI in its chargesheet acknowledged that the accused didn’t take mandatory motion underneath the legislation, together with the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 (KPIDFE Act).
“Instead they had given clean chit and recommended closure of the complaints stating that the said private company had not indulged in any illegal act,” the CBI assertion learn.
The IMA rip-off includes unauthorised deposits allegedly collected from a lot of depositors to the tune of Rs 4,000 crore. The unlawful actions of the I-Monetary Advisory had continued unabated resulting in a number of 1000’s of buyers dropping crores of rupees, the assertion mentioned.
It could also be recalled that the CBI had registered 4 circumstances in reference to the mentioned rip-off. The probe company had earlier filed a number of chargesheets in reference to the rip-off.
The I-Monetary Advisory first got here to the eye of the authorities in 2015 due to the big reductions that IMA Jewels was giving on purchases of gold in its shops, however nothing was carried out due to a authorized loophole and inaction by the buyers.
The Reserve Bank of India (RBI) suspected the corporate of being a ponzi scheme and tipped off the Revenue Department. However, the latter was unable to take motion for 2 causes: First, the Karnataka Protection of Interest of Depositors in Financial Establishments Act (PIDFE) solely allowed motion to guard the depositors, and an Islamic banking firm is structured so that individuals paying cash to it are legally companions within the enterprise and never buyers making deposits. Second, no-one really complained as the corporate was nonetheless paying them.
The I-Monetary Advisory was an organization co-founded in 2006 by Mohammad Mansoor Khan and a enterprise accomplice by the title of Iliyas, which they gave the title Iliyas-Mansoor Advisory.
However, this firm was not profitable and was dissolved in 2008. Mansoor Khan’s subsequent firm stored the identical IMA initials.
Founded in 2013, in accordance with information on the Ministry of Corporate Affairs and opposite to claims made on the corporate’s personal web site, the IMA Private Limited was introduced as an Islamic banking firm.
Mansoor Khan inspired ulemas and different individuals with affect within the Muslim group to imagine that it was a continuation of the identical firm based in 2006 and was a profitable enterprise of a number of years’ standing, promising them that the corporate would construct hospitals and colleges.
Under the umbrella of the IMA Group, it later diversified into different companies, together with jewelry, with the title IMA Jewels a.ok.a. IMA Jewellers, IMA Builders and Developers based in 2017, IMA Bullion and Trading based in 2014, IMA Bullion in 2015, IMA Gold, Mulberry Greens, Frontline Pharma, Frontline Multispeciality Hospital, and publishing.