IMA Ponzi scam accused Mansoor Khan arrested

New Delhi: The Enforcement Directorate arrested “I Monetary Advisory (IMA)’ group founder Mohammed Mansoor Khan at New Delhi airport early Friday morning. The ED sleuths are questioning Khan in connection with the case.

Sources said a special investigation team late Thursday traced Mansoor Khan, the main accused in the IMA Ponzi scam, to Dubai and persuaded him to return to India. “Accordingly, he travelled from Dubai to New Delhi (Flight AI 916) and landed at 01550 hours IST. The SIT officers were in Delhi to secure and arrest the accused,” they added.

A lookout circular was issued against him by both SIT and the ED and he was handed over according to procedure. Sources said “he is being interrogated by the ED sleuths in New Delhi and will later be sent to Bengaluru for a detailed probe by the SIT”. More than one lakh people had invested in the IMA Jewels which started 17 companies.

Khan invited people to invest in five companies, said the SIT, adding that Rs 4,084 crore was invested in the company. He has to refund approximately Rs 1,400 crore to his investors, the SIT had said. Around one and half months ago, Khan had fled to Dubai leaving thousands of investors in lurch. Khan had promised his investors that he would return to India and would refund their money.

Based on thousands of complaints, the SIT registered a case against him and others. It has so far arrested 22 people, including Khan, 12 directors of the firm, deputy commissioner of Bengaluru urban district Vijay Shankar, assistant commissioner L. C. Nagaraj, a Bangalore development authority officer, a nominated corporator of Bruhat Bengaluru Mahanagara Palike and a village accountant.

“Apart from questioning certain state level politicians, the agency will also seek clarifications from certain banks where Mr Khan had deposited huge cash, collected from the depositors,” the sources added.