ED searches the properties of Congressman K’taka and former lawmaker in the IMA affair | Bangalore

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The Enforcement Directorate (ED) conducted searches on Thursday of properties associated with Congressman Zameer Ahmed Khan and former Congressman Roshan Baig in connection with the I-Monetary Advisor (IMA) scam case Ponzi. The IMA scam concerns 4,000 crore raised by IMA Group from over 100,000 gullible investors in the name of offering attractive returns on investment. Raids have been underway in several locations in Bengaluru since Thursday morning.

According to officials familiar with the developments, the searches are being carried out by agents from New Delhi. For now, searches are underway at Baig’s two residences in Shivajinagar, and at Khan’s Chamarajpet residence, outside the offices of National Travels, a company he owns.

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On April 27, the Central Bureau of Investigation (CBI) filed an additional indictment against former Karnataka Minister Baig in connection with the IMA Ponzi scam case. Baig served as Minister of Urban Development in the Congressional-led state government between 2014 and 2018. CBI appointed the Managing Director of the IMA Group, Mohammed Mansoor Khan, the firm, the firm of Baig Daanish Publications and others in the indictment.

“It has been alleged that the accused former minister received several crore rupees from IMA funds for election expenses. It was further alleged that the accused also used the said funds for current expenses, including the salaries of employees of his company. It was also alleged that the accused spent the funds on various social and cultural activities in his constituency to increase his popularity, ”a statement from CBI read.

While Zameer Ahmed Khan has been questioned by ED and other agencies about his real estate transaction with IMA founder Mohammed Mansoor Khan, he has not been charged by any agency to date.

IMA was an investment banking firm run by Mohammed Mansoor Khan, who claimed that it was a sharia-compliant, Islamic-principles-based transaction that took huge deposits mostly from members of the Muslim community. When IMA stopped paying dividends in March 2019, investors filed complaints with the police, and in June 2019 the government of Karnataka set up an SIT to investigate more than 51,500 complaints filed by investors. .

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