The investors of the Ponzi scam run by I Monetary Advisory (IMA) have filed a PIL at the Karnataka High Court under the Securities Investor Protection Act. In the petition filed by advocate Mohammed Tahir, the petitioners have asked the government to seize the movable and immovable assets of IMA.
According to reports, IMA kingpin Mohammed Mansoor Khan had allegedly made several foreign investments flouting the Foreign Exchange Management Act (FEMA), 1999.
More than 25,000 complaints have been filed by investors at police stations in Bengaluru after Khan fled to the UAE. After interrogating the seven directors of IMA, the investigators came to know that Khan had met them before he flew to the Middle-East.
