BENGALURU — A special Prevention of Money Laundering Act (PMLA) court on Thursday sent prime accused in the multi-crore IMA ponzi scam case Mohammed Mansoor Khan to judicial custody till August 14 for investigation into the multi-crore ponzi scheme scam in which he allegedly duped about 30,000 investors of their hard-earned money.
Khan, who was arrested in New Delhi on July 19 on return to India, was flown to Bengaluru on July 20, has been in the ED custody for the last 11 days for interrogation under the Prevention of Money Laundering Act (FEMA) for allegedly transferring funds to overseas banks, especially in the Gulf region, through illegal means (hawala route).
He had fled the country last month after several complaints were registered against him in connection with the scam. Later, he had released a video expressing his desire to come back to the country and participate in the investigation.
The ponzi scam came to light on June 10 when the IMA showroom in the city centre did not open for business after a week-long closure for Eid at the end of Ramzan amid reports that Khan fled to Dubai to escape the wrath of investors for causing huge loss to them.
Former state chief minister H.D. Kumaraswamy on June 11 set up the SIT to probe the scam and get Khan back to the city for returning the savings, investments and gold ornaments thousands investors pledged with IMA to earn hefty interest since 2008.
“As Khan was interrogated by the ED officials on FEMA violations, the SIT has been waiting for access to him to unearth the ponzi scam and recover the investments in crores for returning them to the investors to the extent possible,” said the SIT official.
(With inputs from IANS)