While the investigations of the Rs 1,500-crore IMA scam was ongoing, a 2018 RBI letter revealed the inaction of the JD(S)-Congress led Karnataka government against IMA jewels, reported India Today.
— India Today (@IndiaToday) June 22, 2019
Karnataka ponzi scam: JD(S)-Congress govt did not act against the scam-hit IMA in November 2018, finds investigation. @nagarjund joins us for more on this. #ITVideo https://t.co/Nounxo6IKQ pic.twitter.com/MWursO9tQ5
— India Today (@IndiaToday) June 21, 2019
Reportedly, the RBI had written a letter in November 2018 asking the Karnataka state government to launch a probe into IMA jewels, a halal investment group. The Assistant Commissioner of the Revenue Department, which was probing the Ponzi companies to attach their properties, issued a forfeiture notice against IMA in the newspapers calling the attention of investors towards the fraudulent activities of the company.
The notice had also named 16 entities including Mansoor Khan and asked people to provide information about their movable and immovable assets. However, the Karnataka police did not file an FIR citing ‘procedural issues’.
As reported by Deccan Herald, Revenue Minister R V Deshpande said that the public notice did not receive any feedback from the citizens. He also said that since the investors of IMA were made shareholders, the case wouldn’t attract the provisions of Karnataka Protection of Interest of Depositors (KPID) Act. An action could only be taken after a police report. The act enables the government to attach properties of a fraudulent company.
Interestingly, Deshpande had also revealed that Roshan Baig had visited him along with Mohammad Mansoor Khan, who was the founder and managing director of IMA jewels.
The scam first came into light when an audio clip of Mohammad Mansoor Khan where he claimed he is ending his life due to financial distress went viral. Khan had accused senior Congress MLA Roshan Baig of arm twisting and refusing to return the money that he had borrowed.
Mansoor Khan has gone missing since the audio clip went viral. Reports suggest that he must have fled to Dubai on June 8th. The Enforcement Directorate (ED) has issued summons to Mansoor Khan asking him to appear before June 24.
Amid the row, Roshan Baig had been suspended on Tuesday by the Karnataka Pradesh Congress Committee for ‘anti-party activities’.