Ponzi scheme: Whistleblower Alam Pasha seeks arrest of IAS officer, cop and IMA chief

News Network
October 27, 2021

Bengaluru, Oct 27: Industrialist-cum-whistleblower Alam Pasha has lodged a complaint with the Anti-Corruption Bureau seeking arrest of three persons, including IAS officer Harsh Gupta and Commercial Street Inspector of Police for alleged dereliction of duties with an ulterior aim to acquit IMA chief Mohammed Mansoor Khan, who is an accused in IMA scam.

Speaking to UNI, Pasha said Gupta, who was appointed by Karnataka government as Competent Authority (CA) on behalf of Revenue Department to retrieve the investors monies of more than Rs 4,000 crore and take action as per law against Khan and other accused in the case.

Giving background of the scam in his complaint, Pasha said Khan had floated a ponzi scheme offering investors dream returns on investments made in his firm called I Monetary Advisory Group.

Around October 2018, as many as 75,000 investors began complaining of the firm reneging on payments worth Rs 4,000 crore and the firm also had come under the RBI scanner, he said.

The firm was accused of siphoning off nearly Rs 4,000 crore of funds for the personal benefit of the owners of the firm, he said.

In June 2019, Khan absconded as police initiated a probe in the case. Before absconding, he had released an audio message for the police accusing then Congress MLA Roshan Baig for the fall of the firm, Pasha alleged.

Khan alleged Baig borrowed Rs 400 crore from the firm and failed to return it. He had also accused other politicians and officials of bleeding IMA resources, the complainant said.

After the scam became a major controversy, the then Karnataka Chief Minister HD Kumaraswamy ordered the creation of a Special Investigation Team (SIT) to probe the IMA scam, he said.

Khan was arrested by the ED at Delhi airport in July 2019. In October 2020, he was granted bail by Karnataka High Court, Pasha said.

Gupta, the complainant said, has failed to take action as per law to book IMA culprits to meet the purpose of his appointment to retrieve the monies of the investors from them.
He said the CA has failed in his duty to direct the Inspector of Police to file FIRs against the IMA culprits so that the victims of the scam get back their monies, which they had invested in nine of the companies owned by Khan.

"Unless the police file FIRs against the IMA culprits, no court in the country shall be able to deliver the verdict in favour of the victims. Filing FIRs is the first step towards providing relief to the victims," he said.

The CA also has failed in his duties to seek the intervention of the Ministry of Corporate Affairs to investigate serious frauds committed by IMA Group of companies so that the investigation is carried out without depending on police and their investigation, Pasha said.

The IMA group of companies fall under the purview of the Companies Act 2013 as they are not financial establishments, Pasha said.

Also, the CA has been appointed under section 5 of the Karnataka Protection of Interest of Depositors in Financial Establishment Act 2004, who enjoys powers to initiate an investigation into the financial establishments, but IMA Group of companies are full-blown firms, Pasha said.

"So, knowing that he has to depend on the investigation of the police, the CA is well within his rights to seek the intervention of the Ministry of Corporate Companies to conduct investigations under SFIO rules. If he is sincere and genuine, he would have asked for the SFIO probe," he said.

"It is very clear that the CA and the police officer are working in favour of the accused, namely Khan, rather than giving relief to the IMA victims, who are waiting for retrieval of their money. In these circumstances, I had approached the ACB and lodged a complaint seeking arrest of the three accused," Pasha said.

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News Network
January 3,2025

protestarrest.jpg

BJP MLA Vedavyas Kamath and several BJP leaders were arrested in Mangaluru during a protest organized by the Dakshina Kannada BJP Yuva Morcha near Mini Vidhana Soudha. 

The protest targeted the Congress-led Siddaramaiah government, accusing it of fostering an environment of harassment and distress, which the BJP claims has led to multiple suicides among contractors and government officials.

Key Points:

Addressing the gathering before his arrest, Kamath criticized the Congress government, alleging that neither contractors nor honest officials have found peace since it assumed power. He remarked, "Suicide seems to be the only 'guarantee' under this administration."

Kamath cited the suicide of contractor Sachin, allegedly driven to death by harassment from individuals linked to Minister Priyank Kharge.

Other cases highlighted included the suicides of Chandrashekar, superintendent of the Maharshi Valmiki Development Corporation, and Rudresh, who was allegedly harassed by an aide of Minister Lakshmi Hebbalkar.

Kamath also referred to a Dalit inspector, Parashuram, who reportedly succumbed to alleged torture connected to Congress MLA Channareddy Patil’s son.

He accused Chief Minister Siddaramaiah and Deputy Chief Minister D K Shivakumar of remaining silent due to political fears over their positions.

Prominent BJP leaders such as Ramesh Kandetthu, Premananda Shetty, Vikas Puttur, Nandan Mallya, Monappa Bhandary, Pooja Pai, Deputy Mayor Bhanumathi, and Sanjay Prabhu participated in the protest alongside party workers and municipal council members.

The protest escalated, resulting in the arrest of Kamath and other BJP leaders by the police, marking a dramatic standoff between BJP and Congress.

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News Network
January 3,2025

Mangaluru: The long-awaited DC office complex in Padil is nearing completion, with plans underway to inaugurate the facility during Chief Minister Siddaramaiah’s visit to Mangaluru for the State Olympics meet on January 17. Karnataka Legislative Assembly Speaker U T Khader inspected the site and emphasized the urgency of completing the ₹75 crore project within the set deadline.

“We aim to finish the work by January 10 so that the inauguration can align with the Chief Minister’s visit. However, the final decision will depend on the project’s readiness by then,” Khader stated during his site inspection.

The ambitious project, reflecting the rich Tulu Nadu heritage in its design, received administrative approval on April 28, 2015. Following delays, the work order was issued on February 3, 2018, and construction began on March 17, 2018. Khader assured that the building's traditional architecture will extend to its surroundings, including an aesthetically designed entrance gate.

Spread across 5.89 acres, the complex boasts a total plinth area of 21,054.88 sq m, encompassing multiple levels:

Basement: 4043.88 sq m
Ground Floor: 7553.36 sq m
First Floor: 4158.94 sq m
Second and Third Floors: 2561.28 sq m each
Roof 1 and 2: 88.07 sq m each

The facility aims to centralize government services by housing most departments—except Revenue and RDPR—under one roof. This initiative, Khader highlighted, will streamline operations, save time, and enhance convenience for both officials and the public.

"Officials have been directed to expedite the remaining work, ensuring its timely completion," he added, reaffirming the government’s commitment to creating a functional and visually iconic administrative hub for the region.

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News Network
January 9,2025

Mangaluru: Establishing a Beary Development Corporation is a valid demand, but its implications must be carefully studied, remarked Speaker UT Khader. He proposed forming an expert committee to evaluate the corporation’s potential impact on the Beary community during a district-level conference of the Beary-speaking community, organized by the Akhila Bharata Beary Mahasabha at Kudmul Ranga Rao Town Hall on Wednesday.

Khader expressed concerns over inefficiencies in existing government-established corporations, such as unfilled leadership positions, lack of appointed members, and insufficient funding. “The Beary Development Corporation must avoid similar pitfalls,” he emphasized. He noted that the Minorities Development Corporation already provides various schemes for Beary Muslims, urging a detailed assessment to ensure the new corporation’s funding does not fall short of current provisions, which could disadvantage the community.

Praising the industrious and self-respecting nature of the Beary community, Khader highlighted the respect Beary elders once commanded in villages. He encouraged the youth to uphold this legacy and actively contribute to the community’s progress. Additionally, he commended the Beary youth for their swift and dedicated responses during emergencies, which have garnered widespread recognition.

Khader underscored the importance of unity, cautioning against fostering divisions within the community. He also stressed the critical role of education in development, urging the maintenance of detailed records for SSLC and PUC students to track progress.

The event was presided over by Azeez Baikampadi, president of the Akhila Bharata Beary Mahasabha. Among the dignitaries present were former MLA Mohiudeen Bava and retired police officer GA Bawa. Dr. UT Ifikhar Ali Farid, honorary president of the Akhila Bharata Beary Mahasabha and chairman of the Karnataka State Allied and Healthcare Council, was felicitated during the program.

In notable initiatives, Kanachuru Monu, chairman of Kanachuru Medical College, unveiled the Mahasabha’s new website, while Sheikhabba Karnire of Expertise Company, Jubail, launched an IAS-IPS program aimed at empowering the Beary community.

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