The Enforcement Directorate (ED ) on Friday said it has attached assets worth Rs 209 crore, including 20 immovable properties and bank deposits, in its money laundering probe into the alleged IMA group Ponzi scam of Karnataka. In the ponzi scheme the promoters of IMA group of companies duped over 40,000 gullible Muslim investors of an estimated Rs 4,000 crore.
The ED has provisionally attached immovable properties worth Rs 197 crore, Rs 98 lakh 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, the agency said in a statement.
Based on the FIR registered June 9 under various Sections of IPC by Bengaluru Police against IMA Group of Companies and its Managing Director Mohammed Mansoor Khan, the ED initiated investigations under PMLA.
The FIR had revealed that the accused entities had cheated more than 40,000 middle class and lower middle class people through Ponzi Schemes. It is also suspected that Khan is absconding since the registration of FIR.
“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,” the ED said, adding a dedicated team was constituted to investigate the case.
The ED probe revealed that Khan had promised return on investment ranging from 2.5 to 3 per cent per month to all the investors. Investigations further revealed that the IMA Group was not doing any business to pay the promised monthly return on the investments made by public and that Khan was running a ponzi scheme and they were all working on his instructions.
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 is about Rs 197 crore as evaluated by the approved Government valuers.
On analysis of 105 bank accounts with various private banks and Co-operative Societies of IMA Group of companies, it is revealed that Khan had received about Rs 4,000 crore as investments.
“The accused and 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,” the agency said.
The ED probe has also revealed that 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.
ED is in the process of issuing Red Corner Notice (RCN) against absconding accused Mohammad Mansoor Khan and is also examining possibility of invoking Fugitive Offenders Act.