Tens of 1000’s of persons are but to return to phrases with what has occurred with their investments in IMA Jewellers, the newest ponzi scheme that has come to mild in Bengaluru. The police have arrested seven administrators of the corporate, however the proprietor Mohammed Mansoor Khan remains to be at giant.
A particular investigation crew consisting of 10 members and arrange by the Karnataka authorities has launched the investigation.
The Bengaluru police have acquired over 13,000 complaints within the final two days with many extra pouring in with every passing hour towards the funding schemes being run on Islamic ideas or halal investments. It has additionally arrange a particular counter to register complaints from the cheated victims. Afza, whose spouse had invested within the firm, stated that IMA largely supplied three sorts of investments.
The primary one was a enterprise funding, which assured round Three per cent return per thirty days. The second was an schooling funding scheme, which supplied comparable price of annualised return throughout March-April to the investee.
The third one was a wedding funding that may fetch round Rs 5-6 lakhs in 5 years over Rs 50,000 funding. “We had invested within the scheme two years in the past. To start with, we might earn four per cent return and the cash would get credited in our checking account.
Nonetheless, publish the announcement of common elections in March, we solely acquired 1 per cent. Now, we do not know what is occurring,” stated Afzal.
The victims had additionally been promised that in case they meant to withdraw their precept funding, the identical quantity could be credited inside 45 days from the date they intimated to go away the scheme.
As is the case with most ponzi schemes, group referrals drove folks to speculate on this scheme. One such investor Ayesha, who has invested round Rs 3.5 lakh stated, “I got here to learn about this funding a 12 months in the past, and I went forward with it. I heard concerning the rip-off solely two days in the past.” Feeling helpless with the proprietor of the agency absconding, she added that she had invested the cash for her kids’s schooling. “Now I additionally need to get an operation executed. I’ve filed a criticism.”
Police officers say that it’s troublesome to place a precise determine to the rip-off till they know the extent of affected folks. In the meantime, the rip-off has taken a political twist. The proprietor has referred to as out a number of politicians and bureaucrats for allegedly not repaying loans that that they had taken from him in an audio tape that he made public.
In January 2018, the enforcement directorate had come to learn about one other ponzi agency — Ms Ambidant Advertising Personal Restricted — in Karnataka, working an funding scheme on Islamic ideas or halal investments. Initially, the scheme got here underneath its radar for the alleged FEMA contraventions and subsequently searches have been performed towards the corporate and the boys — S Fareed Ahmed and S Afaq Ahmed – behind it.