Enforcement Directorate 28/06/2019
ED attaches Rs.209 Crore in Ponnzi Scheme Case
Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs. 197 Crore, Rs. 98 lakhs from 51 Bank accounts and Rs. 11 Crore from HDFC Bank held in the Pradhan Mantri Garib Kalyan Deposit Scheme under Prevention of Money Laundering Act,2002 (PMLA) in a ponzi scheme case.
2. Based on the FIR dated 09.06.2019 under Section 406 and 420 of IPC, 1860 registered by Bengaluru Police against IMA Group of Companies, Bengaluru (IMA Group) and its Managing Director Mohammed Mansoor Khan, the Directorate of Enforcement (ED) initiated investigations under PMLA. The FIR had revealed that the accused entities had cheated more than 40000 middle class and lower middle class people through Ponzi Schemes. It is also suspected that Mohammed Mansoor Khan is absconding since the registration of FIR.
3. Investigations under PMLA revealed that the accused companies and its directors have indulged in the offence of Money-Laundering by cheating common people through Ponzi Schemes and generated the proceeds of crime in the form of movable and immovable properties. A dedicated team was constituted to investigate the case. It was revealed that Mohammed Mansoor Khan had promised return on investment ranging from 2.5 to 3% per month to all the investors. Investigations revealed that the IMA Group was not doing any business to pay the promised monthly return on the investments made by public and that Mohammed Mansoor Khan was running a ponzi scheme and they were all working on the instructions of Mohammed Mansoor Khan. So far 20 immovable properties held in the name of Mohammed Mansoor Khan and his entities have been identified as proceeds of crime. The valuation of the 20 immovable properties are about Rs. 197 Crore as evaluated by the approved Government valuers.
4. On analysis of 105 bank accounts with various private banks and Co-operative Societies of IMA Group of companies it is revealed that. Mohammed Mansoor Khan had received about Rs. 4000 Crore as investments. The accused & his associates have diverted the amount in various accounts and acquired various immovable and movable properties in his name, in the name of the other Directors and associates. Investigation done so far has identified 20 immovable properties and 105 bank accounts. Balance available in these bank accounts is around Rs. 12 Crore.
5. Investigation has also revealed that Mohammed Mansoor Khan had deposited cash of about Rs. 44 Crore in various bank accounts during the demonetization period. As a result of action of the Income Tax Department IMA Group had paid tax of Rs. 22 Crore. The remaining amount of Rs. 11 Crore was lying in a Bank which has been identified during the investigation. Accordingly 20 immovable properties worth about Rs. 197 Crore and movable assets worth about Rs.12 Crore have been attached provisionally under the Act.
6. ED is in the process of issuing Red Corner Notice against absconding accused Mohammad Mansoor Khan and is also examining possibility of invoking of Fugitive Offenders Act.
7. Further investigations are in progress.
Properties of Md. mansoor Khan IMA and his associates attached by ED
IMA Gold Lady Curzon Road IMA Jewels Lady Curzon Road 30th cross road, Bannerghatta
Jayanagar Alexanderia Street Frazer Town Taskar Town Pottery Town
HBR Layout Benson Town Davis Road, Richards Town St Johns Church road
Chikaballapur Jayanagar Maruthi Seva Nagar Dawangeere, 5 acres
404, Hasan 403, Hasan Davangeere 20 guntas Serpentine Street
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