The Enforcement Directorate (ED) has issued show-cause notices to the absconding Managing Director of I Monetary Advisory (IMA), Mohammed Mansoor Khan, and seven other directors of the firm. They have been asked to appear before the ED's Bengaluru office on June 24.
The seven directors of the firm are Anwar Pasha, Arshad Khan, Dada Peer, Naveed Ahmed, Nazir Hussain, Nizamuddin and Waseem as per India Today.
They have been also asked to produce financial documents including the bank accounts held by them and their family members, details of entities they are associated with and movable and immovable properties, and income tax returns filed by IMA, reported The New Indian Express.
They have been asked to appear under the Prevention of Money Laundering Act (PMLA), 2002.
The seven directors were earlier arrested on June 11 after the Special Investigation Team (SIT) took over the investigation into the scam. IMA had promised investors high returns and taken several hundred crores. More than 38,000 complaints have been received against IMA so far.
Mansoor Khan fled the country on June 8 and purportedly released an audio claiming that Congress MLA (now suspended) R Roshan Baig refused to return to him the Rs 400 crore which he had ‘borrowed’ for the recently concluded Lok Sabha elections.
Roshan, who is a seven-time MLA from Shivajinagar constituency, is now under pressure from the Congress. He protested his innocence even as other Congress leaders like RV Deshpande told media persons that Roshan had known Mansoor earlier and was seeking a loan from him.
The Bengaluru-based company had earlier been collecting money from investors with the promise of returns of over 3% per month.The fraud emerged after hundreds of people gathered outside the investment firm’s offices on June 12, saying that it had not provided returns on their investments for more than two months.