What seemed like a debt-ridden man's escape from his depositors, has now exposed the attempt to cheating the investors of their money. Experts say IMA was not something that happened out of the blue, but a well-planned and executed fraud.
According to reports, IMA kingpin Mohammed Mansoor Khan had made several foreign investments flouting the Foreign Exchange Management Act (FEMA), 1999, and all his legitimate business were just a backing for his illegal nexus.
According to News9, Khan had asked the directors to take all the gold deposit and convert them into cash. He said that the gold will be melted and sold off to return the money. Khan asked the directors to go to a resort in the outskirts of Bengaluru nearly 50 km away to collect the money but there was none and Khan took Rs 20 crore in cash and gold before his run.
The police have seized Khan's car with a registration number PY 05C 7777 from Bengaluru's Kempegowda International Airport (KIA). It is suspected that Khan left his car at the parking lot of the airport before fleeing to the Middle-East on June 8.
CID had earlier issued a notice against IMA asking the affected people to lodge a complaint after the Reserve Bank of India (RBI) got suspicious about IMA's activities. But no complaints were filed against the company.
More than 25,000 complaints have been filed by the depositors at police stations in Bengaluru after Khan absconded to the UAE. After interrogating the seven directors of IMA, the investigators came to know that Khan had met the directors before he flew to the middle-east. The directors have claimed Khan of being cheated as well.
The investors have now filed a PIL against IMA at Karnataka High Court seeking seizure of his movable and immovable assets.
