BENGALURU: The fugitive founder and managing director of the scam-hit I Monetary Advisory (IMA), Mohammed Mansoor Khan, not only cheated thousands of his depositors of their life savings but also misused the central government’s Income Tax amnesty scheme — Pradhan Mantri Garib Kalyan Yojana (PMGKY).
He had deposited around Rs 11 crore in a private bank under it to escape punitive action by the tax authorities on his undeclared income.
The Enforcement Directorate (ED) stumbled upon Mansoor’s modus operandi during the investigation and has recovered the money. The central agency has also provisionally attached some of Mansoor’s and IMA’s immovable properties across Karnataka worth Rs 197 crore and Rs 98 lakh from 51 bank accounts under the Prevention of Money Laundering Act (PMLA), 2002.
Since Mansoor misused PMGKY, it will now attract the intervention of Income Tax Department and also huge penalties, sources pointed out. “The ED has provisionally attached 20 immovable properties worth about Rs 197 crore, and movable assets worth about Rs12 crore under PMLA”, stated the Directorate spokesperson.
TNIE had reported on June 27 that ED will expand its scope of investigation in IMA Ponzi scheme and may attach properties worth around Rs 200 crore.
Meanwhile, the ED is likely to approach Interpol for a Red Corner Notice against Mansoor and is examining the possibility of invoking the Fugitive Offenders Act, 2018 against him.
Mansoor is believed to have fled the country on June 8 and has been on the run since then. Under the Act, the agency can confiscate properties and assets of economic offenders who evade prosecution by remaining outside the jurisdiction of Indian courts. ED had taken up an investigation into the Ponzi scheme after the City police registered an FIR on June 9 against IMA and Mansoor under Sections 406 (breach of trust) and 420 (cheating) of the IPC.
‘ED probe has identified 20 immovable properties,105 bank accounts’
“The IMA and its directors have indulged in money laundering by cheating common people through Ponzi schemes and converted the proceeds into movable and immovable properties,” the officer added.The investigation so far has revealed that though Mansoor Khan had promised his investors returns on investments ranging from 2.5 to 3 per cent per month, but the IMA group was not doing any business to pay them the promised monthly returns.
“On analysis of the 105 bank accounts of IMA group of companies with various private banks and co-operative societies, it is revealed that Mansoor Khan had received about Rs 4,000 crore as investments.
The accused and his associates have diverted the money into various accounts and acquired immovable and movable properties in his name, in the name of the other directors and associates.
The ED investigation so far has identified 20 immovable properties and 105 bank accounts. The balance available in these bank accounts is around Rs 12 crore.
“Khan had deposited cash of about Rs 44 crore in various bank accounts during the demonetisation period. As a result of the action by the Income Tax department, the IMA group had paid tax of Rs 22 crore then. The remaining amount of Rs 11crore was lying in a bank which has been identified during the investigation,” the officer added.