‘Robbed by own people’: A year on, no relief for IMA ponzi scam victims

Charan Kumar | coastaldigest.com
June 24, 2020

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Bengaluru, June 24: City-based I Monetary Advisory (IMA), which duped thousands of families, mostly Muslims, in the name of halal investment, has become a bitter reality of "we were robbed by our own people". All the accused except its CEO Mohammad Mansoor Khan have been released on bail in this ponzi scam worth thousands of crores of rupees.

The scam has not only been investigated by SIT and CBI, but it has reverberated many times in the Assembly, corridors of power, and in the courts.

Around 80,000 investors are in trouble after the Monetary Advisory (IMA) scam came to light. Many investors have left this world, many families have split, many marriages have broken down and many have become unemployed, homeless, helpless and hapless. One of the senior IAS office, who had faced arrest in the scam, reportedly killed himself just a day ago.

It has been more than a year since this multi-billion scam came to light. But the affected families still do not see any ray of hope. The government, led by senior IAS officer Harsh Gupta, has set up a special competent authority to address investor grievances in the matter.

According to information provided by Harsh Gupta, investors have to be paid Rs 2,900 crore. But the value of the company's assets seized so far could be around Rs 450 crore. The process of auctioning the assets has not started yet. The authority has developed an online portal for submission of claim forms from investors. But the process of taking applications has not started yet. Syed Gulab, a social worker overseeing the case, says that after all the claim forms have been submitted, we will get a clear picture about the exact number of investors and the total amount of arrears. But this process may take a few more months to complete.

Senior journalist Maqbool Ahmed Siraj says that IMA has systematically deceived people in the name of halal investment through capital scheme. In 2006, Muhammad Mansoor Khan, a one-time small businessman, set up a company. He began to attract large number of investors by creating the greed for more profit among middle class and poor people.

By 2015, the company had received money from more than 12,000 investors and continued to pay monthly profits. By the time the company closed in 2019, 80,000 people had invested their hard-earned money here. In Bengaluru, the company expanded its reach by investing in two major gold showrooms, hospitals, schools, several medical stores, a publishing center, a supermarket, and real estate firm.

Mr Siraj says that Mansoor Khan and his team not only lured the poor and middle class to pursue their own interests but also created a favourable atmosphere for their so called business by winning the hearts of politicians, government officials, clerics, religious institutions and media.

Unsuspecting people invested their money in a bid to make more profit in less time. When the company stopped making profits and Mansoor Khan suddenly fled on June 9, 2019, the investors woke up the to the reality.

Apart from residents of Bengaluru and other parts of Karnataka, people from Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra other states also have invested their money.

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News Network
April 7,2025

Mangaluru, Apr 7: The long-standing demand for a separate Beary Development Corporation has hit a wall — the Karnataka government has officially stated that no such proposal is currently under consideration.

Beary-speaking people, mainly settled across Dakshina Kannada, Udupi, and parts of Kodagu, have been urging the government to set up a dedicated body for the welfare of their community and the promotion of their unique 1,200-year-old language. But during the recent legislative session, Minority Affairs Minister B.Z. Zameer Ahmed Khan confirmed that his department has not received any proposal on this matter.

The clarification came in response to a question by MLC Ivan D’Souza, who highlighted the community’s cultural richness and a population of over 25 lakh. “The community has raised this demand several times to support education and social upliftment, but the government hasn’t taken any concrete steps,” he said.

In his reply, the minister pointed out that the Karnataka Minorities Development Corporation (KMDC) already runs various welfare schemes for Muslim, Christian, Jain, Buddhist, Sikh, and Parsi communities. Since Beary speakers are considered part of the Muslim community, they are eligible for benefits under these existing programs, he added.

Still, many in the Beary community feel that without a separate development body, their identity, language, and specific needs risk being overlooked.

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News Network
April 7,2025

Mangaluru, Apr 7: A price storm is brewing in Mangaluru’s hotel and restaurant industry. Faced with skyrocketing raw material costs and mounting overheads, hoteliers are preparing to hike food prices by up to 10% within a month — a move that could hit the pockets of thousands of diners across Dakshina Kannada.

From milk and oil to LPG and staples like rice and toor dal, prices have surged, pushing both vegetarian and non-vegetarian establishments to the brink. Over 65% of hotels operate in rented spaces, and labour shortages are adding fuel to the fire.

Swarna Sunder of Dinki Dine says running a hotel without burdening customers is becoming near-impossible. “Costs are rising daily. We’re trying to strike a balance, but a hike is inevitable,” he said, calling Mangaluru a highly price-sensitive market.

Industry leaders, including the Dakshina Kannada Hotel Owners Association, are expected to meet soon to formalize the revision.

Meanwhile, hoteliers blame "unhealthy competition" for further disrupting the sector. “Some serve unlimited fish meals under ₹60 — it’s unsustainable and unfair,” said a hotelier, adding that such practices are forcing smaller eateries to shut shop.

Chandrahas Shetty, president of the district association, confirmed that rising input costs have left them with little choice but to revise menus.

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News Network
March 27,2025

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The Karnataka government has announced that Nandini milk will become ₹4 costlier per litre starting April 1, 2025. This is the second price hike this year.

The decision was made during a cabinet meeting led by Chief Minister Siddaramaiah. Karnataka Cooperation Minister K N Rajanna and Animal Husbandry Minister K Venkatesh said the increase is meant to support dairy farmers by covering the rising costs of producing and processing milk.

Officials also said that:

>> The extra money from the price hike will go directly to the milk producers.

>> The earlier ₹2 price hike (announced on June 26, 2024) will be withdrawn.

>> The new price hike of ₹4 will apply to both 500 ml and 1-litre packets.

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