IMA Ponzi scam: SIT arrests CA Iqbal Khan

The Special Investigation Team constituted by the Karnataka police to investigate the multi-crore IMA ponzi scam arrested a Chartered Accountant (CA) Iqbal Khan, Deputy Commissioner of Police (DCP) Crime, S Girish, said on Wednesday.

Khan, 72, was looking after the accounts of IMA.

The team had already arrested the main accused, Mansoor Khan, who is the owner and founder of I Monetary Advisory (IMA).

On July 20, a special Prevention of Money Laundering Act (PMLA) sent Khan to Enforcement Directorate (ED) custody till July 23.

Khan travelled from Dubai to New Delhi after the SIT located and persuaded him to come to India and submit before the law.

Khan had fled India after several complaints were registered against him in connection with the scam. Later, he released a video expressing his desire to come back to the country and participate in the investigation.

An 11-member Special Investigation Team (SIT) headed by DIG B R Ravikanthe Gowda is probing the alleged fraud by the firm. Both the ED and SIT had issued lookout notice against him.

The IMA Jewels is embroiled in a case where the firm had allegedly cheated a large number of investors after promising them impressive returns on their deposits.

Khan is facing investigation for allegedly duping 40,000 investors especially Muslims in the state. He had claimed that he gave Rs 400 crore to Congress leader Roshan Baig which he was not returning.

( With inputs from ANI )