Bengaluru: The Special Investigation Team (SIT) probing the multi-crore I Monetory Advisory (IMA) investment scam, in which over 50,000 investors were cheated for over Rs 2,000 crore, has conducted raids on the branches of IMA jewellery and gold across the city on Monday and Tuesday.
The SIT which has intensified its probe into the scam raided IMA gold offices in Tilak Nagar and Yeshwanthpur and seized gold, silver ornaments and cash from the two offices.
On Tuesday morning, two teams conducted searches at both the offices simultaneously and seized 1.3 kg gold ornaments worth Rs 41.60 lakh, 5.5 kg of silver ornaments worth Rs 2.2 lakh and Rs 2,000 in cash from IMA office in Tilak Nagar.
Similarly, another team seized 970 gm of gold ornaments, worth Rs 31.04 lakh and 21 kg of silver ornaments worth Rs 8.40 lakh from Yeshwanthpur office.
IMA gold was IMA group's initiative to provide interest-free loan for people by pledging their gold ornaments.
On Monday, SIT sleuths inspected IMA gold office in Shivajinagar and seized 41.5 kg of gold ornaments, 71.77 kg of bullion gold and Rs 14 lakh in cash. They also seized 14.5 carat diamond, 60 carat semi precious stones 470 gm of silver ornaments during the raid. The SIT sleuths also received a .32 revolver and 58 live bullets. In total, the team has seized cash and other valuables around Rs 12 crore. The team is further investigating to learn about IMA MD Mohammad Mansoor Khan’s other businesses.