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IMA ponzi scam: Karnataka HC gives temporary relief to Mansoor Khan’s school after state govt attaches building

The private unaided school was established in 1964 and is managed by the I Monetary Advisory (IMA) which is owned by Mansoor Khan.

mansoor khanI Monetary Advisory (IMA) Group Founder Mohammed Mansoor Khan. (File)

In a temporary relief for around 490 students of the Nehru English High School in Bengaluru’s Shivaji Nagar, the Karnataka High Court Monday stayed the seizure of the school building by the state government till October 27. On Sunday, the government had attached the school building after it came to light that the owner of the school, Mansoor Khan, had allegedly duped depositors to the tune of around Rs 4,000 crore in a ponzi scam.

The private unaided school was established in 1964 and is managed by the I Monetary Advisory (IMA) which is owned by Khan.

According to principal Amreen Begum, the management has reassured the parents of safeguarding the academic prospects of the students. Speaking to indianexpress.com Begum said, “The management has taken legal advice since the scam was unearthed. We approached the High Court seeking a stay on the seizure. Regular classes have resumed and we cannot afford any close down till the end of the academic year. Moreover, preparations for the Class X board examination will commence soon and we cannot put the academic prospects of the students at stake.”

On condition of anonymity, a teacher of the school said, “I have been working here for almost seven years and on a personal level, I am ready to fight for the survival of the school. Parents have also requested to not let the education stop, even if it comes to teaching the students on the streets because of the seizure.”

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However, parents alleged that the school management, despite knowing about the seizure notice, collected fees for the entire academic year and uniform.

Zarina Taj, whose son is in Class VI and daughter is in Class IX of Nehru English High School, said, “We have lost complete faith in the school management and I’ll shift out my son after he finishes Class VI. We had paid close to Rs 32,000 for both our children, a monthly fee of Rs 1,300 and examination fee of Rs 1,000 before the seizure notice. With so much controversy attached to the school, parents are anxious about the future of their wards. The management is looting the parents to make up for the losses incurred in the scam.”

The IMA had floated a ponzi scheme offering investors dream returns to the tune of 36 to 64 per cent on investments. The investment schemes of the firm were pitched as being in line with Sharia principles of Islam. The firm was viewed in some circles as a means for people to convert black money to white.

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Around October 2018, the firm came under the scanner of the RBI and other agencies and also ran into trouble in a slowing economy. Investors began complaining of the firm reneging on payments. Thanks to a lot of the patronage it enjoyed in Karnataka, the firm managed to evade action till June this year despite being accused of siphoning off nearly Rs 4,000 crore of funds for the personal benefit of the owners of the firm.

First published on: 27-09-2022 at 03:18:21 pm
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