IMA scam
People gathered in front of AS Convention Hall in Shivajinagar, Bengaluru to file complaint against IMA ponzi schemeAmal Rasheedali

As the investigation gets stronger on I Monetary Advisory (IMA) Ponzi scam, the picture gets clearer that the arrested directors of the firm were also fooled of their money.

According to the SIT sleuths, all the 12 directors of the fraudulent firm have alleged that they also lost their money, which they had invested in IMA Private Ltd. The people invested more on IMA due to the trust they had on its director Mohammed Mansoor Khan.

The investigating officers trying to assess the amount of money invested by the said directors in IMA. Sources in the SIT said they had not performed their duties as designated directors. SIT chief investigating officer BR Ravikantegowda said that they are inquiring on the antecedents of the directors. "We are questioning them on different grounds. We cannot say anything more at this stage," he said, reports TOI.

The directors also had lured in many investors to IMA in the name of halal investments. But no one suspected Khan's fraudulent schemes until he left the country with the investors' money. Even the teachers from Government VK Obaidullah School adopted by IMA were asked to be investors of the firm. It is also alleged that many of the teachers appointed by the IMA authorities did not even qualify SSLC and were taken in as teachers only because they had invested in IMA.

According to the reports, the investment agreements showed that instead of specifying where it would make the investments, the company claimed to invest in the "Indian bullion market" and promised returns based on "market volatility," reports Deccan Herald.