IMA jewels fraud: SIT raids IMA Jewels head office in B'luru

Bengaluru: I Monetary Advisory (IMA) Jewels head office in Shivaji Nagar area was raided by a team of the Special Investigation Team (SIT) of Karnataka Police on Thursday in connection with the multi-crore ponzi scam.

Seven directors of a firm at the centre of an alleged financial fraud that left thousands of investors in the lurch here were apprehended on June 12. The seven were picked up from different locations, highly-placed and the custody of seven arrested directors was given to the SIT, sources in the police told had informed.

The seven accused directors are – Nizamuddin, Nasir Hussain, Naveed Ahmed, Arshad Khan, Wasim, Ansar Pasha and Dada Peer.

Mansoor Khan, managing director of IMA Jewels went missing and an audio clip of him stating that he was committing suicide, accusing MLA Roshan Baig of cheating him of Rs 400 crore went viral on Whatsapp.

Investigations into his whereabouts has further revealed that an amount of 19 crore rupees was transferred from the IMA account to his personal account before he fled the country. As per sources, the money was obtained by liquidating most of the gold and diamonds in his shops into cash.