Karnataka SIT to probe investment scandal

The move comes a day after an audio clip purportedly recording a suicide note by IMA founder Mohammed Mansoor Khan surfaced on social media platforms, sparking panic among investors

The Karnataka government on Tuesday ordered the constitution of a special investigation team (SIT) to probe an alleged fraud involving IMA Jewels, an Islamic investment firm.

The Karnataka government on Tuesday ordered the constitution of a special investigation team (SIT) to probe an alleged fraud involving IMA Jewels, an Islamic investment firm. (ANI/Twitter)

The move comes a day after an audio clip purportedly recording a suicide note by IMA founder Mohammed Mansoor Khan surfaced on social media platforms, sparking panic among investors

In the clip addressed to the Bengaluru police commissioner, Khan purportedly announced that his firm had suffered a financial setback. He also alleged that a Congress legislator had refused to repay Rs 400 crore he had borrowed from Khan. Khan has been untraceable since then, said a police official.

Launched in 2006, IMA is believed to have collected over Rs 2,000 crore in investments from the public. The group had diversified into the jewellery, real estate, pharmaceuticals, among others.

As the protesters hit the streets on Tuesday and the opposition Bharatiya Janata Party demanded an inquiry into the matter, CM HD Kumaraswamy announced that he had informed the police to form an SIT to look into the matter.

“Considering the seriousness of the #IMAJewels fraud, the inquiry has been handed over to a special investigation team and instructions regarding this have been given to the DGP,” Kumaraswamy tweeted.

Even as these developments occurred, a second audio clip surfaced, in which Khan purportedly assured investors that he would repay them soon and assured them that he had not committed suicide or fled the country, but was living in Bengaluru.

“I am alive and there is a huge conspiracy that I have committed suicide and my family has fled. I am in Bengaluru and I have not fled. The money I have taken from people will be returned,” a person says in the clip.

A senior police officer said the authenticity of the both the clips are yet to be ascertained.