IMA Ponzi scam: ED attaches property worth Rs 197 crore, RCN against accused shortly
Bengaluru, June 29: The Enforcement Directorate has provisionally attached immovable properties worth Rs. 197 Crore, Rs. 98 lakh from 51 Bank accounts and Rs. 11 Crore from HDFC Bank held in the Pradhan Mantri Garib Kalyan Deposit Scheme in connection with a Ponzi scam.
Based on an FIR registered by the Bengaluru Police against IMA Group of Companies, Bengaluru (IMA Group) and its Managing Director Mohammed Mansoor Khan, the Directorate of Enforcement (ED) initiated investigations under PMLA.
The FIR had revealed that the accused entities had cheated more than 40,000 middle class and lower middle class people through Ponzi Schemes. It is also suspected that Mohammed Mansoor Khan is absconding since the registration of FIR.
Investigations under PMLA revealed that the accused companies and its directors have indulged in the offence of money laundering by cheating common people through Ponzi Schemes and generated the proceeds of crime in the form of movable and immovable properties.
A dedicated team was constituted to investigate the case. It was revealed that Mohammed Mansoor Khan had promised return on investment ranging from 2.5 to 3 per cent per month to all the investors.
Investigations revealed that the IMA Group was not doing any business to pay the promised monthly return on the investments made by public and that Mohammed Mansoor Khan was running a ponzi scheme and they were all working on the instructions of Mohammed Mansoor Khan.
So far 20 immovable properties held in the name of Khan and his entities have been identified as proceeds of crime. The valuation of the 20 immovable properties are about Rs. 197 Crore as evaluated by the approved Government valuers.
On analysis of 105 bank accounts with various private banks and Co-operative Societies of IMA Group of companies it is revealed that Mohammed Mansoor Khan had received about Rs. 4,000 Crore as investments. The accused and his associates had diverted the amount in various accounts and acquired various immovable and movable properties in his name, in the name of the other Directors and associates. Investigation done so far has identified 20 immovable properties and 105 bank accounts. Balance available in these bank accounts is around Rs 12 Crore.
Investigation has also revealed that Mohammed Mansoor Khan had deposited cash of about Rs 44 Crore in various bank accounts during the demonetisation period. As a result of action of the Income Tax Department IMA Group had paid tax of Rs 22 Crore. The remaining amount of Rs. 11 Crore was lying in a Bank which has been identified during the investigation. Accordingly 20 immovable properties worth about Rs. 197 Crore and movable assets worth about Rs.12 Crore have been attached provisionally under the Act.
ED is in the process of issuing Red Corner Notice against absconding accused Mohammad Mansoor Khan and is also examining possibility of invoking of Fugitive Offenders Act.