This development comes after Mansoor Khan, the prime accused and IMA founder was recently arrested after he returned to India.
To help in recovery of money of those duped by the IMA ponzi scheme, the Karnataka High Court on Tuesday directed the state government to appoint an officer higher than the rank of a DC. Normally, under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, an officer of the rank of Revenue Commissioner is appointed. The bench headed by Chief Justice AS Oka had noted that only Rs 270 crore was recovered so far in terms of seized assets. It further said that if the government fails to do so, the court would itself appoint such an officer. In connection with the IMA case, already the then Bengaluru Urban Deputy Commissioner Vijay Shankar (IAS), Assistant Commissioner of the Revenue Department LC Nagaraj, BDA Executive Engineer Kumar, city corporator Syed Mujahid, one religious preacher and village accountant Manjunath among others, have been arrested. This development comes after Mansoor Khan, the prime accused and IMA founder was arrested after he returned to India. Mansoor has been accused of running a ‘halal’ Ponzi scheme – where the money is diverted from new investors to older investors – in the name of I Monetary Advisory (IMA). He fled India around June 13 when the scam surfaced. He has been accused of cheating 40,000 investors, most of them Muslims to the tune of Rs 2,000 crore. According to Islam, earning from interests is considered "haram", so they don't invest in fixed deposits or other investment instruments. However, IMA is not the only such halal ponzi scheme. Bengaluru has seen a spurt of such small schemes. The scams got prominence after Ambidant, one of the bigger scams like IMA came in the news with the arrest of former minister and tainted mining baron Gali Janardhana Reddy in connection with the case.
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