Rs 1,500 crore ponzi scheme: ‘Islamic banker’ has fled to Dubai, cops say

BENGALURU: Mohammed Mansoor Khan, founder-owner of I Monetary Advisory (IMA) Group and the prime accused in cheating more than 23,000 investors, flew out of the country on the night of June 8 (Saturday), a day before the first complaint was filed against him, police sources told TOI. Bengaluru police have issued a lookout notice for Khan.
Barely 24 hours after the first complaint against Khan was filed on Sunday, an audio clip, purportedly of Khan claiming he was

on the verge of committing suicide

, was circulated on WhatsApp. The clip blew the lid off the scam and thousands of investors rushed to Commercial Street police station to file complaints. Khan was long gone by then, police said.

Investor, 54, dies of cardiac arrest
A 54-year-old man who had invested Rs 8 lakh in IMA Group died of cardiac arrest on Thursday. Abdul Pasha, from Old Guddalahalli on Mysuru Road, had low BP and sugar. He had three daughters and a son. He complained of chest pain while discussing the IMA scam amid preparations for his daughter’s wedding in July. He died at a hospital in the evening.

Cops suspect Khan sent family earlier
Khan, who was alone, cleared immigration around 6.40pm and his flight to Dubai took off at 8.45pm,” a source in the state secretariat said. “His associates recalled how Khan was tense since central agencies were communicating with the state, asking why no action had been taken against him and his firm. Earlier in the evening (Saturday), he drove to the airport in his favourite Jaguar.”
Khan’s Jaguar (KA-05-MW-41) and Range Rover (PY-05-C-7777) were seized from the Shivajinagar residence of Nizamuddin Azeemuddin, one of seven IMA directors arrested on Wednesday. On June 9, Mohammed Khalid Ahmed, friend and business partner of Khan, filed a police complaint accusing Khan of cheating him of Rs 4.8 crore. The news of the complaint spread like wildfire sending investors into panic. However, those who made investments in the group had already begun suspecting something amiss as Khan had stopped paying interest from March this year.

Mohammed Mansoor Khan’s cars that were seized
“He flew alone to Dubai on an Airbus,” police sources said. “The passenger list showed he had booked a business-class seat for himself. We suspect he sent his family members to the same place on an earlier flight.”
Sources said Khan flew regularly to Dubai and other Gulf countries and the frequency of visits increased this year.
“He had flown to the UAE five times in 2018, and nine this year,” sources said. The increased number of visits in 2019 indicates he was preparing to flee for good.”
Till Thursday evening, around 23,000 complaints were filed against Khan and IMA officials and the amount involved in the complaints breached the Rs 1,500-crore mark. All the complaints have been attached to Khalid Ahmed’s complaint, sources said.
Officials from the SIT, formed to investigate the scam, took charge of the IMA office in Shivajinagar on Thursday and sealed all lockers and safety chests. “There are reports Khan was seen walking out of the office on June 6 with a bag in his hand, but that was a regular sight of late,” police said.
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