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The Central Bureau of Investigation (CBI) has filed a second chargesheet in the I Monetary Advisory (IMA) Chit Fund case.
CBI sources said that Mohammad Hanif Afzar Azzezi and Khaleem Ulla Jamal have been named in this charge sheet and sent to judicial custody.
Both have been accused of using their influence to convince followers to invest in IMA companies. This is an interesting development because religious leaders were using their influence and that led to devotees losing money.
This second chargesheet was filed on Saturday (October 5, 2019). The accused have been charged under section 120 B, read with section 420, 406 and 409 of the Indian Penal Code.
The sources said that Hanif is a maulvi of Shivaji Nagar Madrassa. He was allegedly tasked with propagating IMA among followers. In return, he purchased a residential property using IMA funds. This property has been attached under provisions of the Karnataka Protection of Interest of Depositors in Financial Institutions Act (KPID), 2004. Hanif was also getting paid by the IMA for this service on a regular basis.
Khaleem, the second accused, is an Urdu teacher in Malur village. He is also accused of propagating IMA among village people.
He is also accused of keeping cash and jewellery of IMA group companies in a bunker at his farm house in the village.
This bunker was guarded by armed guards paid for by IMA.
The Enforcement Directorate has initiated a probe under the Prevention of Money Laundering Act (PMLA) in June based on the FIR filed under Sections 406 and 420 of the Indian Penal Code, registered by the Bengaluru Police against the IMA Group of Companies and its Managing Director, Mohammed Mansoor Khan.
It is alleged that the accused entities had cheated more than 40,000 people belonging to middle and lower income groups through ponzi schemes and had received as much ₹4,000 crore in investments. Khan is said to have promised a return on investment ranging from 2.5-3 per cent per month to the investors.
Investigators estimate that the fraud has already crossed ₹2,500 crore in terms of loss to investors, most of whom are Muslims. Mansoor was involved in real estate, jewellery, healthcare and education sectors and fashioned his company as a ‘halal trading firm’.
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