The Enforcement Directorate (ED), which has which has initiated a case against the I Monetary Advisory (IMA) group — accused of cheating hundreds of investors through a ponzi investment scheme — has provisionally attached wealth worth Rs 208 crore linked to the firm under Section 5(1) of the Prevention of Money Laundering Act (PMLA).
The agency is treating wealth amassed by IMA through its ponzi schemes and other means as proceeds of crime under PMLA, which allows it to provisionally attach the wealth before completing investigation and passing final attachment orders.
On Friday, ED said “immovable properties worth Rs 197 crore, Rs 98 lakh from 51 bank accounts, and Rs 11 crore from HDFC Bank held in the Pradhan Mantri Garib Kalyan Deposit Scheme under PMLA” has been provisionally attached. This comes even as Bengaluru police are looking to recover investments of hundreds of depositors under Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 by attaching property belonging to the firm and its absconding founder, Mohammed Mansoor Khan.
A total of 20 immovable properties held by “Khan and his entities have been identified as proceeds of crime” and “the valuation of the 20 immovable properties is about Rs 197 crore as evaluated by the approved Government valuers,” the ED said in a statement Friday.
“On analysis of 105 bank accounts with various private banks and co-operative societies of IMA Group of companies, it is revealed that Mansoor Khan received about Rs 4000 crore as investments. The accused and his associates have diverted the amount in various accounts,” the ED said.
“Investigation has also revealed that Mohammed Mansoor Khan had deposited cash of about Rs 44 crore in various bank accounts during the demonetization period. As a result of action of the Income Tax Department, IMA Group had paid tax of Rs 22 crore. The remaining amount of Rs 11 crore was lying in a bank which has been identified during the investigation,” the ED said. A PTI report said ED has issued notice to Karnataka minister B Z Zameer Ahmed Khan to appear in connection with the case.