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Khan is accused of being kingpin in a multi-crore scam in which investors were lured promising high returns & the scheme was pitched to be in line with “Sharia Principles of Islam”
A Supreme Court bench of Justices Khanwilkar and Pardiwala, on Friday, dismissed the plea by Enforcement Directorate challenging the order of Karnataka High Court, granting bail to the prime accused in the multi-crore I Monetary Advisory (IMA) scam.
Khan was granted a conditional bail by Karnataka High Court, in October 2020. He had informed the court that he was suffering from diabetes, hypertension for quite sometime and had a heart ailment as well. He informed the High Court, that he was diagnosed with unstable angina coronary artery disease and 100% blockage. He also submitted that he was suffering from spine degenerative spondylosis.
The Karnataka High Court, granted bail to Khan on the condition that he should furnish a bond for Rs 5 lakh and two sureties for the sum. The court, had also asked Khan to appear regularly before the trial court till the conclusion of the trial. Khan, was asked not tampering with the evidence and threaten the witnesses. The court, asked him not to alienate any of his properties till trial concludes and in case a need arises to alienate, he should disclose to the court the purpose for such alienation and obtain the permission of the trial court.
When the matter came up for hearing today, ASG SV Raju, appeared for ED and urged the court to cancel the bail on the ground that the ponzi scheme ran into many crores. The court, on hearing his submissions, observed that the bail was granted in 2020 and ED had approached the court belatedly.
The court thus, dismissed the special leave petition by ED challenging the order of Karnataka High Court.
According to the Indian Express, a private firm called I Monetary Advisory Group introduced a scheme and lured investors by offering returns to the tune of 36 to 64 per cent on investments. The report, notes the investment schemes of the firm were pitched as being in line with Sharia principles of Islam.
The company and its founder Mohammed Mansoor Khan continued to run the scheme, for four to five years attracting thousands of investors with the majority being middle-class Muslims. The success of the firm, which invested in gold bullion trading, real estate, healthcare and other businesses, also attracted patronage from local politicians.
The report, notes that in 2018, IMA came under the scanner of the RBI and other agencies. The Investors began complaining that the firm was not making the promised payments. IMA, was accused of siphoning off nearly Rs 4,000 crore of funds for the personal benefit of the owners of the firm.
In June 2019, Khan accused politician alleged that former Congress MLA Roshan Baig, borrowed Rs 400 crore from the firm and failed to return it. He has also accused other politicians and officials of rendering IMA bankrupt.
Case title: Directorate of Enforcement Vs Mohammad Mansoor Khan
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