IMA Jewels case: SIT requests Red Corner notice for Mansoor Khan

Mangalore Today News Network

Bengaluru, June 18, 2019: The Special Investigation Team (SIT) had written to the Ministry of Home and External Affairs to issue Red Corner Notice against Mohammed Mansoor Khan founder and managing director of the I Monitory Advisory Group Company who cheated nearly 40,000 investors.

Speaking to DH DIG BR Ravikante Gowda said that, we had requested the Ministry of Home and External Affairs to issue Red Corner Notice (RCN) against Khan who fled to foreign countries in the first week of June, cheating thousands of investors.

Once the permission is granted, the International Criminal Police Organization (INTERPOL) will issue RCN  to all the countries and International Airports seeking the arrest of the Khan.

Khan targeted Muslims who shy away from investing in interest-based businesses. The company’s tagline was catchy: Your partner to (the) path of prosperity. Investors were called “sleeping partners”.

IMA offered a bouquet of attractive investment schemes with monthly, quarterly and yearly returns. The amount to be invested was Rs 50,000 and its multiples. Withdrawing from the scheme was touted to be hassle-free: get your money back after 45 days.

The company claimed to trade in gold and silver bars. At its peak, it doled out a 7% monthly profit. A person investing Rs 1 lakh made a neat Rs 7,000 a month. In a little over a year, s/he could easily recover the entire investment.

But this profit percentage didn’t last long. It first went down to 5% before averaging 3% until February 2019. Investors started to panic when the company paid them just 1% in April 2019 in lieu of business for the previous month. Things came to a head in May when many investors didn’t receive any profit. The company’s head office — IMA Tower on Bowring Hospital Road in the heart of Bengaluru — was soon swarmed with harried investors.