According to reports, the ISI sought an account of the money from Bhatkal after it claimed was given to Karachi-based IM operatives Iqbal Bhatkal and Riyaz Bhatkal for backing the outfit's destructive acts in India from early 2009. Bhatkal also suspected Iqbal to have cornered a part of the funds.
The funds were used to run the massive terror industry, suspect officials
Investigators believe that the money might have gone into putting up IM bases in various countries like Nepal, Bangladesh, Dubai and Saudi Arabia besides India, weapon factories, preparing bombs, fund travel expenses of the recce agents, recruiting and carrying out blasts both in India and abroad.
Officials said the IM had more plans to execute but did not succeed ultimately.