The Central Bureau of Investigation, which is probing the multi-crore I Monetary Advisory (IMA) scam, has now found that the company’s founder Mohammed Mansoor Khan allegedly fabricated figures of thousands of crores in the company’s book of accounts.
CBI sources say that IMA’s book of accounts showed that the company’s revenue was Rs 8,250 crore. After the CBI took over the probe from the Karnataka Special Investigation Team (SIT) on September 2 this year, the investigating agency had enlisted the help of a renowned financial risk assessment and management company to look into IMA’s financial statements and book of accounts.
Upon investigation, it was found that Mansoor Khan’s IMA had generated a revenue of Rs 12 crore in the 2017-18 fiscal year. However, the books were allegedly fabricated to show that the company had generated a revenue of Rs 8,520.57 crore.
“By showcasing that the company was making crores of revenue, the founder, directors and the chartered accountant of the company duped people into becoming partners of the company,” CBI sources said. CBI sources said that IMA had not obtained permission from RBI to collect such huge deposits from the public.
“In these Halal banking schemes, RBI permission is necessary in order to be able to legally collect funds from people, which the IMA did not have,” the source added.
The CBI had on September 27, questioned two top police officials from Karnataka in connection with the case. IGP Hemanth Nimbalkar and former DCP of Bengaluru Ajay Hilory were questioned by the CBI.
The Special Investigation Team, which was earlier probing the case, had on July 31 conducted raids at the residence and offices of Hemanth Nimbalkar. The former investigators and the CBI believe that top police officials could have been paid off in order to give Mansoor Khan a clean chit.
The RBI had first issued a notification to the Karnataka government in 2015 that IMA was indulging in a Ponzi scheme. The Revenue Department, however, dropped its probe when it found that the investors were listed as partners, according to the investment bonds, and not depositors in IMA.
In 2018, when a section of investors stopped getting their monthly dividends, the company once again came under RBI scanner. This time, the Revenue Department decided to probe the matter and had also issued a public notice regarding IMA’s fraudulent activities in November 2018. The CID began probing the case in 2018 and sources say that Hemanth Nimbalkar was allegedly heading the probe into the functioning of IMA run by Mohammed Mansoor Khan after the state police had asked the CID to look into the matter following a notice it had received about IMA’s alleged illegal dealings from the RBI.
On January 18 this year, Hemanth Nimbalkar had given a clean chit to IMA and had submitted this report to the Deputy Commissioner, Bengaluru Urban. This DC was also arrested by the SIT when it was probing the case and had accused him of taking bribes. On July 10, exactly a month after IMA scam broke out, Hemanth Nimbalkar was transferred from IGP of CID’s Economic Offences Wing to IGP of the ACB, CBI sources added.
“We have taken their statements. For now, a preliminary chargesheet has been filed (submitted to the court on September 9). A detailed one will be filed after the probe is complete,” CBI sources said.