After the multi-crore, I Monetary Advisory (IMA) Ponzi scam was busted, the investigating officers have now arrested five directors of IMA Credit Co-operative Society on Friday (June 21) for acquiring the company license illegally.
The accused directors Usman Abrez (33), Israr Ahmed (32), Mohammed Idreez (30), Fuzail Ahmed (30) and Shadab Ahmed (28) have been arrested by the Special Investigation Team (SIT) for acquiring the renewal license of IMA's co-operative society by manipulating several documents and misleading the Registrar of Cooperative Societies (RCS) authorities.
According to the SIT officials, the directors did not provide proper details of the company like the total investors, their investment and the schemes offered by the company to the RCS and still managed to renew the company license without any impediment. The investigating officers also doubt the alleged involvement of the RCS officials in this scheme and are investigating over this.
The SIT sleuths on Friday had raided the houses of the workers and relatives of IMA director Mohammed Mansoor Khan, who allegedly absconded to Ras al Khaimah in the United Arab Emirates (UAE) after getting a hint of the Enforcement Directorate (ED) tailing him for running fraudulent schemes. However, they have not furnished any details of the seized documents as of now.
It is alleged that Mansoor Khan left the country after selling of the gold and other precious metals worth over Rs 20 crores. On Thursday, the SIT had seized Rs 20 crore worth jewellery and diamonds from the IMA Jewels store on Lady Curzon Road. They also seized some important documents relating to the schemes and investments from the store.