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SIT Seizes 300 Kg of Fake Gold Bars Hidden under Swimming Pool of IMA Group Owner

The ponzi scheme operator, Mohammed Mansoor Khan, used to show the huge quantity of gold to people and enticed them to invest in his company, said the Special Investigation Team in a release.

PTI

Updated:August 7, 2019, 11:18 PM IST
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SIT Seizes 300 Kg of Fake Gold Bars Hidden under Swimming Pool of IMA Group Owner
File photo of IMA jewellers
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Bengaluru: The Special Investigation Team probing the multi-crore IMA group ponzi scam on Wednesday seized 303 kg of fake gold bars hidden under the swimming pool on the sixth floor of a building here belonging to group owner Mohammed Mansoor Khan.

The ponzi scheme operator, Mohammed Mansoor Khan, used to show the huge quantity of gold to the people and enticed them to invest in his company, the SIT said in a release.

Before fleeing the country, Khan had hid the fake gold bars in the swimming pool on the sixth floor of his building. The SIT raided the place and seized the 5,880 gold bars weighing 303 kg, it added.

Mansoor Khan, the owner of IMA jewels, was arrested last month in New Delhi by the Enforcement Directorate. Khan, who had fled to Dubai, flew back to India and was arrested on landing in Delhi.

The Karnataka government has seized 23 properties of Mansoor Khan valued at Rs 300 crore in five districts across the southern state, an official said on Wednesday.

"We have seized 23 properties valued at Rs 300 crore of Khan in Bengaluru, Chikkamagaluru, Davangere, Hassan and Kolar in the state as part of the investigation in the multi-crore Ponzi scheme scam," Bengaluru Urban District Deputy Commissioner K Srinivas said in Bengaluru.

The Enforcement Directorate had attached assets worth Rs 209 crore, including 20 immovable properties and bank deposits, in connection with the case.

The probe agency had filed the money laundering case against the IMA group of companies and Mansoor Khan after reports emerged that he went gone underground fearing investments worth crores of about 40,000 investors have tanked.

The SIT has arrested more than 25 people in connection with the case, including 12 directors of the IMA, a corporator, a corporator's husband, the former deputy commissioner of Bengaluru urban district, and the assistant commissioner of Bengaluru North sub-division. It recently also questioned Congress MLA BZ Zameer Ahmed Khan in connection with the case.

The SIT wanted to question disqualified Congress MLA R Roshan Baig but he did not appear before it and sought time.

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