These schemes primarily targeted Muslims and the victims in the cases are now demanding prompt action from the authorities to recover their money, which goes into crores.

With IMA under scanner victims of Bengalurus many halal ponzi schemes seek justice
news Ponzi scheme Saturday, June 29, 2019 - 18:42

While there is overwhelming media attention on the high profile IMA ponzi scheme in Bengaluru, with a central agency probing the multi-crore scam, the victims of lesser-known yet similar “halal” design schemes have been awaiting justice for the past six months.

These schemes primarily targeted Muslims and the victims in the cases are now demanding prompt action from the authorities to recover their money, an amount to the tune of crores. 

Unlike fixed bank interest rates which a section of Muslims consider to be anti-Islam, these companies sold their plans as a form of partnerships with the promise of high returns of 10-12% within a month. The plan was to lure customers to invest their life savings by staying true to the offer for the first few instalments.

On Friday, more than 300 victims of the Injaz scheme attended the court hearing in the case, which is being probed by the Central Crime Branch of Bengaluru police. The Injaz scandal was revealed during an ED investigation in 2017. The main accused was arrested earlier this month and has been accused of swindling investors of money worth Rs 90 crore. 

During the hearing on Friday, the victims urged the court not to allow the accused Misbah to be released on bail and also sought that the passports of the accused be seized so that they cannot flee the country like Mansoor Khan. The other accused in the case, Sohail, is still absconding.

“As only Misbah is caught, that too under pressure after the IMA fiasco, we are afraid they (the accused) may disappear again and hence the precaution. We are hoping for a favourable trial,” Narendra Kumar, State Joint-Secretary of Lancha Mukta Karnataka Vedike (bribe-free Karnataka), said. The LMKV has been uniting all the victims to unite as one and approach the authorities.

During the proceedings of the case, the government has appointed the Bengaluru North Assistant Commissioner as the special recovery officer to sell the seized assets of the company and distribute among the victims proportionately according to the Karnataka Protection of Interest of Depositors (KPID) Act.

Speaking to TNM, Ravi Krishna Reddy, another member of the citizen group raised the common demands of the victims.

"We want the numbers of assets that have been seized to be made public, apart from money been traced in India and abroad by the CBI or the ED," he said.

He added, "Cases of IMA, Muzaribah, Ajmera, Injaz and Aala should be filed in Special Courts within 30 days as per the KPID Act."

These angry victims want action against RO (AC-North) for a delay of 6 months in filing cases against Injaz in the Special Court, which they say flouts norms specified in the KPID Act.

They also sought action against RO (AC-South) for delay of 3 months, even after the seizure of properties by CCB, in filing cases against Ajmera and Muzaribah for similarly swindling the money of their investors.

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