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SIT Formed to Investigate IMA Jewels Scam After Missing Owner Threatens to Commit Suicide

In an audio clip, owner of I Monetary Advisory had said that he was ending his life as he was 'tired of bribing corrupt politicians and bureaucrats'.

Revathi Rajeevan | CNN-News18

Updated:June 12, 2019, 6:53 PM IST
SIT Formed to Investigate IMA Jewels Scam After Missing Owner Threatens to Commit Suicide
Representative image.

Bengaluru: Two days after Mohammed Mansoor Khan, managing director of I Monetary Advisory, threatened to commit suicide, the Karnataka government constituted a special team to probe the alleged cheating case against the firm and Khan. The SIT will be headed by DIG BR Ravikanthe Gowda.

The eleven-member team includes DCP S Girish, ACP Balaraju, deputy SPs K Ravishankar, Raja Imam Kasim, Abdul Khadar and inspectors CR Geetha, LY Rajesh, Anjan Kumar, N Thanveer Ahmed and BK Shekhar. However, the government has not set any deadline for the investigation.

In the audio clip, reportedly addressed to the Bengaluru police commissioner, Khan purportedly stated that he was ending his life as he was “tired of bribing corrupt politicians and bureaucrats”.

The audio further alleged that Congress MLA Roshan Baig had borrowed Rs 400 crore from the I Monetary Advisory (IMA) but failed to return it and instead threatened Khan and his family. Baig has refuted the allegations.

After the audio went viral, panicked investors gathered outside the IMA jewellery store in Shivajinagar in Bengaluru. More than 10,000 complaints have been filed against the firm so far under sections 406 and 420 -- criminal breach of trust and cheating.

On Wednesday, Baig put out a series of tweets alleging that some of his adversaries have made an attempt to assassinate his character.

"After my recent political fallouts, some of my adversaries have made a full-fledged attempt at assassinating my character by orchestrating a series of events using underhanded methods. The entire hitjob has been carried out using a baseless, un-investigated audio recording," he tweeted.

Baig has now said he will cooperate with the SIT​ investigation while also demanding a CBI probe into the case.

Khan’s firm had offered Sharia-compliant halal investment options to depositors and had allegedly promised returns "based on the company's performance". Investors who initially received returns regularly stopped receiving any amount in the last few months.

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