IMA jewels fraud still absconding, Enforcement Directorate begins probe

June 14, 2019 posted by

good afternoon you are with the news here on the big story Amster here's ama the top focus this afternoon being on the massive ponzi scheme allegedly that is duped investors of about 2000 crore rupees and total that has been calculated so far this one's coming in from Bengaluru the IDI has started probing what is called the I am a Ponzi scheme special investigation team that has just been set up by the Bengaluru police have now arrested seven directors of the company the scam that came to light after a man who said to be the owner of a jewelry a popular jewellery brand there I am a jewelz in Bengaluru released an audio clip where he threatened to commit suicide but the founder of the eye image world's monsoon HANA released a second audio clip this was in an assurance one of course rubbishing rumors of him having committed suicide or his family having fled with all the money in the second audio clip he promises investors though that he would eventually return their money the audio clip which has the voice of monsoon han alleged that he's been pressurized now to bribe politicians or has been in the past he also went on to allege senior politicians he's taken names such as Amir Emeth Congress leader Russian big had taken huge sums of money to contest the elections from him they fail to return this money after having lost the elections Russian big dough as well as the mir ahmad have denied these charges I am agender Sami Ramadani doco Turkey property pasquariel area nmo service or a latte my name is Mira clear-cut property which depends on Kenneth II of Ali's voice defeat you owe property men I am a true bachata the decimal socrata rico sastra Tirico unsay but no concealment and devoted fans called at once the other RTGS made up on the ITV assay in illegal clinic busca pathway we make and that make under a video balanced by SATA sharper Ortiz Coachella drop ijk is healed it reached her wife Abby Abby exile gender cameras come chase our company as a public official to ba-da-da-da-da monocle CMC be very crispy our home Mississippi with equation by a scuffle stop dodging a Peter apart do so pile a biscuit anyway getting in there our mother made the gig domineering he was occupied Auriga the main body said which are units Allah will be a surf rod company underneath here is a book cotton crop full stop them there are a lot of allegations against you with regard to the I am a floor that's just come on the office I'm requesting on the under virtual finished up welcome welcoming the constitution of a si to probe into this I'll be requesting the Chief Minister to refer this matter not only this ima but there are various other companies over to 12 to 13 companies like Gambia and all in Jos capital and similarly companies which are duped thousands of investors in Bangalore there are a lot of investors who are from the neighboring states also some of them are absconding some of them are out on bail so if this matter is referred to the CBI it will be easier for them to trace them whichever part of the world they are they can issue redirect rotis they can refer this matter to the Interpol so it will be easier for the CBI to apprehend these frauds to oppression these culprits my total cooperation with the government and the investigation is there let us introduce you to our guests for this afternoon we have mr. Abdul Razak on is the leader of the JD s and also mr. Saeed Saeed he is an investor in the IMA scheme but first we are quickly going to get an inputs here from our correspondent Neha who's been tracking multiple updates coming in ever since protests broke out in the city in Bengaluru by the investor saying that they've been duped of so many thousands of crores of rupees and Neha this is this is yet another Ponzi scheme which went unnoticed only till the the person who was running this scheme went underground released multiple audio clips in scaring the investors here but it's it so it's also a question of how this has been operating and shockingly a lot of the transactions and investments and returns to the investors that were made a word through digital transactions of the bank as well that's right sir in fact of course how this completely managed to of course you know accumulate amassed as much wealth of the investors and how it sort of you know managed to score the self keep their faith keep their trust hold on to that trust without really paying them out of course for the past three months well that is something of course that is very mysterious we did speak to a couple of investors on ground yesterday who said that only because they trusted this man Mansoor Khan that they put their money into the company and that he has actually gone on to sort of you know cheap them and he's misused of course their faith and their belief in the company so now what really has to be theme is how much the SI team would be able to probe this matter and get down to the root of it because we're talking about a scam worth crores of rupees over here and it fit all of course like Mansoor Khan claims in the second audio clip if at all the audio tape does get verified and it does the first end up that this audio clip the voice in the audio clip does belong to Munsell Khan once that's verified and they managed to find his whereabouts and managed to bring him back and grill him it's only then that there isn't for some hope going forward now now the police who have been at it continuously for the past 72 hours now they've been registering complaints almost of course the number of complains should have shot up to about a good sixteen seventeen thousand even now and also an a convention centre of course in Shivaji Nagar where in the limits of this very yeah I imagine self has been converted into a makeshift police station of sorts where the police have been lodging complaints where they've been registering complaints of all of these investors who've been queuing up day after day okay what now really remains to be whether or not they managed to crack this entire case well they have arrested seven directors for now they would be trying and going about getting as much details as they can about the company about the scheme about the interest or a little suppose we paid out to these people and more importantly about how and where exactly all of this money has gone absolutely stay on with us here let's sell it's getting the investors voice here on this mr. say it say you being one of the investors here in this one of course the case being on nabbing the culprits and nabbing the owner seven directors of the company have already been arrested here but as an investor do you feel that you're going to be getting your money back now hello hello mr. say it's a up committee I was re G but I yeah yeah yeah first of all I would like to correct you madam my name is saya itself as say is hello can you agree yes please go ahead please go Hospital yeah actually initially I have I was not ever about I am a jewelry and one of my colleague she used to invest more than seven lakhs in I am a jewelry and she used to get money also on time for seven or eight years since seven or eight years she used to get the money from iron bag and she suggested me you also can invest you also getting the benefit from them and it is also totally halal Amman halal I'm not in essence the people I am with people are not giving a particular fixed return they're giving something like between 3% to 7% it might be goes down it might comes up so even we I have been quiring with our Motaba our name and Imams up and he was also said that yeah if you are taking a particular you know a fixed interest amount then just comes under Haram if you are taking like some bit between up and down so it would be like halal only you can invest it so after doing all the process okay initially it started by paying to two lakh rupees yeah I have started being in my true love but mister self so you see essentially you were convinced with the system right so you're saying that initially you've had a good experience you got money and time but are you I are you currently shocked that this is turned out to be a case of an of an absolute ponzi scheme you have the owner Epps Corning at this point of time he sent an audio clip saying yes when see when I got this news on Monday I got him message on whatsapp by one of my friend and I was shocked because the on Saturday I got a message that your money at the April because we used to get two months of money April and May I got a message on Saturday last Saturday around 11:30 or 12:00 your money has been transferred to your particular bank okay I was very happy yeah maybe next is Sunday and Monday was probably the bank will open and I may get the April man April May returns on Monday so we were happy on the Monday morning itself only I came to know about this the Munsell Khan has commit suicide he sent a note and all these things and again we have gather me and my friends has gathered and we just inquiry about more regarding this we came to know that it's totally shockable news the owner has been make himself hide somewhere so we just fly to Bangalore and when we see the bangle situation they are thousand of people people were just crying angry and they were just shocked in all these news and it's not only this has been a case of absolute shock and given the fact that one point that convinced you here was that this was in accordance in what is known as halal investment and that really has been a point because of which a lot of people have invested here in this and a company that did have a track record in paying in in time let's say let's get in mr. Abdul Razak on leader of the JDS here mister of the Razak on the the expectations here being that the si tea that has now been set up you would the police the State Police having set up the society would would nab the culprits in time are not just that returned people's money as well they're firstly it's a real sad story you know after all the investors were blindly invested in this Ponzi scheme company now from the government side once the lid was blown on the night of 8 June the police is 50 taking action all the properties of ima including his business establishments have been seized all his bank accounts have been freezed the government is trying to get him back wherever he is from no 2 special teams have been formed but mr. given the fact that there is an allegation politicians have been involved in this as well state politicians have been involved in this should this case be handed over to the CBI firstly if we go by the audio clip that he has released in that clip he has said that he's going to end his life but he did not do that and it is still not clear in which country he is or where exactly he is to you know to go buy whatever he has claimed in the audio clip he has to substantiate all those claims with some solid evidence for that he needs to come to the picture first we are doing our best to get him you know get him to the task and make him say exactly right why shouldn't the priority here instigate of agencies we've seen other chit fund scam cases here as well we had the shower chit fund scam the Rose Valley chit fund scam it was eventually cases that were handed over to the CBI to bring about that if you have local politicians involved suspicions of local politicians involved this is a case that needs to be handed over to the CBI I certainly wouldn't agree with that now you know when the person is claiming that the local politicians are involved because I know both the politicians very closely in the fact very very closely I know both the politicians and I have you know work with them being with them so I'm saying it is very easy to just put a blame on them but the quantum of amount as to how much is the size of the scheme needs to be ascertained first of all if his claim is not that he has given 400 crores to an MLA you know 400 clothes cannot be just even just one suitcase something like that how and why did he keep 400 clothes to himself first of all all the money needs to be in the bank after the D monetization how was he able to keep 400 clothes with him there are many questions behind this and I wouldn't like to politicize this by saying you know we have seen the episodes of CBI in the past so SI t Karnataka has been tremendous and you know commendable job when it comes to finding the killers of Gauri Lang cash and finding the killers of double kirpan sorry so what I'm saying is our police is famous for doing its good ability of the investigations here as well this makes it a fit case to be handed over to a central agency in which local politicians local bodies local authorities not involved let me in fact put that question forth here to our correspondent neha neha in those protests that you've been tracking of investors here do they feel that they could trust the SI t to be doing this job given the fact that there is already suspicion of local politicians being involved in this welfare in fact we did of course speak to a lot of investors yes who had reached a point where even they said that it's highly possible that the involvement of these politicians of these are named politician of the local communist MLA or be it for that matter even the other senior Congress politician there is a very high possibility that the involvement could be there and what they really want to know is why the government of Karnataka is not surely you know sort of putting pressure and so much so that a couple of investors even said that they would now make a plea to the prime minister of india himself to ensure that something is done so possibly now of course asking for a CBI probe the investors through a couple of them were echoing this very same thought or possibly even asking for a CBI probe that's the highest of course level of probe so it wouldn't exactly be wrong to say at this point of time that the case has been handed over to the SI t yes definitely there would be an investigation on that front but if at all of course there is not a speedy and a timely decision taken or if society is not able to probe the matter of course you know in a in a quick manner because we're talking about almost about twenty thousand people a minimum of about twenty thousand people that have been affected then definitely of course it may be car possibly handing over the case to the CBI to would not be a bad decision but at this point of time of course the si T has thought they would be probing the matter let's just wait and watch what really happens and if at all then that it doesn't work out then in all likelihood the case should be handed over to the CBI is of course what a couple of investors also rip tell us all right now how many thanks for getting us those details we're going to be taking in some of our viewers calling in this as well but let's say let's get in some technical facts as far as how easy is it being to be to be going undetected by operating this ponzi scheme we have with us our news editor of me getting us those details here of me it's very clear that in the system you need to get in certain licenses certain signatures go ahead by authorities if you're running an investment scheme but we have seen a similar such Ponzi schemes in the past as well where thousands and lakhs of people are really duped there is no cross-checking and these schemes run in for years absolutely Sahara Ponzi schemes have been going on for a long time and is something that we perhaps continue because the kind of interest rates are offered are so high and obviously when people see this kind of interest rates and they made promises that you know there is no risk involved everybody sort of rushes to put in their money so a while of course there is a need for strict regulation it is also very important for investors to be very cautious about where they're putting in their hard-earned money they've lost that many of them losing their entire life savings so essentially a Ponzi scheme how it works it's it's a scam basically it takes money from a group of investors and then uses that same money to repay the fresh group of investors and either by going around in a circle and obviously this system is bound to collapse at some point on the other and in this particular case obviously it'll just believe so taking advantage of that shows that they said that we will give make these as halal investments which are accepted under the Sharia law and that is what Lord investors to put in their money here is ahead that's right so in this particular case of course the religion card was used here to lure in investors here that this is not entirely going to be interest based this is going to be taken into account halal investment but butt-ugly helped us also understand here on how transactions returns and investments were made possible through through the banking system there are receipts of RTDs transactions that the investors are showing and and how is this made possible to operate in this manner you'll have to of course get those details in terms of how exactly the technicality of how this particular Ponzi scheme operated but but in any Ponzi scheme it is completely a farce whether it's the paperwork whether it is the kind of the investment really investment is just the technical word here we're using but it's just a question of taking money from somebody and giving the money to somebody else so it's just a round and round the circle that goes on until this entire thing collapses and and the money runs out because after a point in time you invest it'll be difficult for new investors to keep coming in and initially how this also works in a attempt on your investors is that initially these things do pay out the promised returns to investors as an attempt to get in more investors and then suddenly after a point like it happen in this case the money just drops coming in right I'm going to be taking the final question thanks for those details there of me to mr. Abdul Razak ingenious leader mr. Reza Khan given the fact that investigations are still underway one cannot go ahead and accuse political complicity here in this case here but the manner in which Ponzi schemes managed to operate without being detected or perhaps authorities looking the other way because they themselves would be beneficiaries at some point now first off said the way he has presented the business is you know something which is not that easy to understand because he first took the confidence of the Muslim clerics of Bangalore City and then he took the confidence of the local authorities and saying you just can't put the blame on the government as of now unless you know something concrete comes out there is absolutely nothing that the government has favored him maybe some politicians have attended its inaugurations it becomes a social obligation on us you know and people call us for their inaugurations we don't exactly get into their personal lives and their personal businesses as a polity changes go there do the ribbon-cutting or whatever just share a tea with never you just come back this is the normal normal cause the country any politician does that they call us to weddings they call us to opening ceremonies and other places we definitely go there as a social obligation that's about it but then blaming these politicians for having attended an inauguration that you know there might be some favors in return that is absolutely wrong to say at this point I would say now further said that this person you know he had groceries gold stores pharmacies and a hospital it projected as if yes doing some kind of business nobody would even think that he might be doing something bad and you think that you lose that carrot of a halal investment because of which he got in so many massive investors from one particular community well the investigations you're on this is still on but it's important here to note the main accused who is continued to send in audio clips he's sending in audio clips assuring his investors saying that he's in he's innocent he would resurface he would pay them back in time it is for the SI t now to immediately nab him tracked his cell phone nab him assured the investors that the culprit has been and but the bigger concern here of course is going to be to give back lakhs and lakhs of hard-earned money of innocent investors who face the brunt of this corruption appreciate all those voices who've spoken to us here on this our correspondent as well with those details thanks for being with us


12 Replies to “IMA jewels fraud still absconding, Enforcement Directorate begins probe”

  1. Tinkling Crystals says:

    Look at all those yucky bearded people of IMA. Says it all..

  2. Dhananjai says:

    Total Foolishness!

  3. Amay Gee says:


  4. Vijay Sharma says:

    जिस तरह से आतंकवादियों का कोई धर्म नही होता उसी तरह से लुटेरों का भी कोई धर्म नही होता ये

  5. Almighty says:

    please provide us list of all Halala banks operative in India, so that all AAM Admi money is safe . Arvind Kejriwal

  6. Almighty says:

    Another 2800 crore Power scam in Karnataka Modiji shud resign. Mirror now

  7. Almighty says:

    Halala bank works only if there is Sharia law. So Papuji and Gawdaji please implement Sharia law in Karnataka immediately. For next election thumping victory for both of you sure.

  8. Almighty says:

    Mirror now Modiji govt responsible PM shud resign immediately

  9. Fazal Hussein says:

    The only halal way is putting your blood and sweat into action and earn it with honesty not investing in ponzi scheme

  10. Fazal Hussein says:

    The investor are always duped with such scheme. They always expect profit and never any loss so how is that halal ?
    Also the owner is now saying there was corruptions involved so how did he justify that he was taking money of investors and using them in halal way

  11. Karthik Kal says:

    Looks like the scam could be much more than 2k crores

  12. DEBASISH PATRO says:

    The investors are liable for this mishap of their greed.. believing in this halala banking.

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