IMA scam
IMA Jewels showroomtwitter

More than thousands of investors gathered in front of I Monetary Advisory (IMA) jewels showroom in Bengaluru's Shivajinagar after an audio clip posted by its owner went viral, in which he claimed of committing suicide on Monday (June 10).

Tension prevailed in the entire city as the showroom, which was supposed to open on Monday after the Ramzan holidays, was still closed. Many people had invested their hard earned money in IMA for their secured future and other needs. Most of the investors who had gathered at IMA office in Shivajinagar were women who had invested their lifetime earnings at IMA.

Mohammed Mansoor Khan had launched IMA in 2006 when the market was down. IMA owns and deals in bullion trading, infrastructure development, publishing house, hypermarkets, healthcare services including a multi-speciality hospital and educational facilities. He had lured the investors into his venture by offering them high returns as any other Ponzi schemes.

In his audio clip, Khan has alleged that the Congress legislator from Shivajinagar Roshan Baig had taken Rs 400 crore from him and he refused to return it after he failed to get a ticket for the Lok Sabha 2019 elections. He has also claimed that he was being harassed by several politicians and government officials who had also taken money from him.

However, the Congress MLA denied the allegations, saying that the tape would have been made by his party members only to destroy his political image and that he had no contact with Khan or his business.

"I will not be in this world by the time you listen to the audio. With a lot of difficulties... I made this company but Central and state government corruption have made my life miserable. The local MLA of Shivajinagar has refused to return Rs 400 crore that I had given him. He started sending his goons to my office and home. So I have hidden my family in a village but I'm in South Bengaluru. I have 500 crore properties, 33,000-carat diamonds and I also have gold (sic). Sell all this to return the investors their money. But there are many fraud guys among these investors. So please check and give the money. BDA Kumar has 5 crore and local MLA has my money, which needs to be recovered...recover from them," claims the audio clip alleged to be released by Mansoor Khan.

According to The New Indian Express report, Khan is on the run and has fled to the United Arab Emirates (UAE) on Saturday, June 8. The Commercial Street police have registered an FIR against Khan after they received more than 3,000 complaints from the investors within hours after the news his absconding spread like wildfire. The police have also formed special teams to nab him.