7 directors held, kingpin still on the run

Odisha based  beekeeping family crying in front of IMA Jewellery, Shivajingar, in Bengaluru on Wednesday. They have invested 70 Lakh rupees after selling their land in Odisha. They started investment in 2014 after the reference by few known people. They had a dream of owning land in the garden city. Now, IMA financial fraud brought them to footpath. - Photo /IRSHAD MAHAMMAD

The directors of seven different entities of the beleaguered IMA Group surrendered themselves before the police on Tuesday, hours before the government formed a Special Investigation Team (SIT) to investigate the investment scam. 

Naveed Ahmed, Arshad Khan, Nizamuddin, Nasir Hussain, Anwar Pasha, Waseem and Dadapeer had gone into hiding after an audio clip of the IMA Group founder Mohammed Mansoor Khan went viral on Monday and thousands of investors gathered in front of the company's office on Lady Curzon Road in Shivajinagar demanding their money back. 

Only three of the suspects — Nizamuddin, Arshad Khan and Pasha — are graduates. Wasim and Ahmed studied PUC while Dadapeer and Hussain dropped out after the SSLC, police said. 

Police continue to hunt for Mohammed Mansoor Khan and are interrogating the arrested directors about his whereabouts. The directors have been remanded in the 10-day police custody. 

A senior police officer said documents of the company's movable and immovable properties, as well as its bank accounts, had been seized. 

Even three days after the company closed down, police were busy taking complaints from the investors. By Wednesday evening, the number of complaints crossed 14,000. 

Bengaluru Police Commissioner T Suneel Kumar said the magnitude of the scam was yet to be ascertained even though it was certain to run into thousands of crores. "Once we receive all the complaints and seize documents from the company, we will get to know the magnitude of the scam," he added. 

Following the directions from Chief Minister H D Kumaraswamy, state police chief Neelmani N Raju formed an SIT under B R Ravikanthe Gowda, Deputy Inspector General of Police, Fire and Emergency Services, to investigate the IMA scam. Deputy Commissioner of Police S Girish, three ACP-level officers and four inspectors will also be part of the SIT. The team has been given the liberty to take the services of technical and other staff as per the requirement. 

The SIT officers have been directed to report for the new assignment with immediate effect and collect all the documents related to the case, including the investors' complaints, from the Commercial Street police station. M A Saleem, ADGP (Crime and Technical Services), will supervise the investigation.  

Comments (+)