Mohammed Mansoor Khan, the fugitive founder of the I Monetary Advisory (IMA) Group, may have claimed that he has movable and immovable properties worth over Rs 1,700 crore but the Special Investigation Team (SIT) estimates the value of his assets at less than Rs 300 crore.
Khan, in a purported video uploaded to YouTube on Sunday, promised to liquidate the properties and return the investors’ money. SIT sleuths, who checked his properties through documents seized from IMA offices, believe their value does not even cross Rs 300 crore.
Another SIT official, however, said Khan might have properties outside of India as well. Besides, Khan may have benami properties, too. All of his investments could be traced only after he is arrested and questioned, the official reiterated.
Meanwhile, continuing the searches at IMA offices, the SIT seized Rs 83.26 lakh worth of gold and silver valuables on Tuesday. Sleuths found a kilogram of gold worth Rs 41.6 lakh and 5.5 kg of silver worth Rs 2.2 lakh from the IMA office in Tilak Nagar while the search in Yeshwantpur (Mathikere) yielded 970 gm of gold worth Rs 31.04 lakh and silver articles worth Rs 8.4 lakh, according to SIT chief B R Ravikanthe Gowda.
On Monday, sleuths seized Rs 11.4 crore worth valuables, including 41.6 kg of gold, 14.5 carats of diamonds, 72.2 kg of silver bullion, 60 carats of precious stones, a licensed .32 revolver and 58 live cartridges. They also recovered Rs 13.45 lakh in cash.
Investigators intensified the raids after Khan released the video addressed to the Bengaluru Police Commissioner, Alok Kumar.
He offered to surrender to the police and return the investors’ money.
On June 20, the SIT raided the IMA Tower on Lady Curzon Road in Shivajinagar and seized Rs 20 crore worth of valuables. Sleuths had previously searched IMA offices in Jayanagar and Lady Curzon Road and arrested five directors of the IMA Credit Cooperative Society.