Tuesday, May 18, 2021
Home News Reports Owner of 'halal' investment group flees leaving investors in lurch, blames Congress MLA for...

Owner of ‘halal’ investment group flees leaving investors in lurch, blames Congress MLA for taking 400 crores

Over a lakh people are believed to have invested in the company.

Thousands of investors of IMA jewels, a halal investment firm, in Bengaluru thronged the office after the audio clip of its founder and managing director Mohammad Mansoor Khan went viral where he claimed he is ending his life due to financial distress. As per reports, over 1 lakh people have invested in the company.

In the audio clip, Khan is accusing senior Congress MLA Roshan Baig of arm twisting and refusing to return Rs 400 crore which he had taken after he failed to get a Lok Sabha ticket for the recently concluded Lok Sabha elections. Khan has also alleged that he is being harassed by several politicians and government officers who had taken money from him.

Baig, however, dismissed the allegations and called the audio clip fake. Khan had alleged that following the threat, he had moved his family members to a village and he himself was staying in South Bengaluru.

When the audio clip went viral, the investors reached the office of IMA jewels only to find that it was closed due to Eid to be reopened on 10th June. However, Khan now seems to have fled. The police is not able to confirm yet whether he has committed suicide or not. Police has maintained that he has been absconding since the Central Crime Branch and the Assistant Commissioner’s office filed cases against him.

While interest-based investment in banking is prohibited under Islam, IMA would take money from investors and invested in bullion trading, schools, hospitals, etc. In return, IMA would pay 2-4 % interest every month to investors. Things got a little shaky in March but Khan assured investors it was due to elections and all was well.

However, thousands of investors are now left in a lurch as Khan is now absconding and the fate of their hard-earned money is unknown.

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