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IMA scam hit the poor the hardest

IMA scam hit the poor the hardest

Thousands of investors who gathered outside the IMA Jewels store on Monday had different stories to tell about the hard-earned money that they invested in the company. 

Many had invested for future exigencies such as daughter’s marriage, children’s education, house construction, etc. But their hopes of earning profits ended in tears. 

Mohammed Khalid Ahammed, a 56-year-old contractor, said he invested Rs 1.34 crore in January 2016 after IMA founder Mohammed Mansoor Khan lured him with high returns. 

In a complaint to the Commercial Street police, Ahammed said the last time he received the monthly profit was in March. Suspecting fraud, he applied for the return of his principal amount but he’s yet to get it. According to Ahammed, the IMA Group also owed him Rs 3.50 crore as he had constructed many buildings of the company. 

Based on the complaint, police booked Khan under IPC sections 406 (punishment for criminal breach of trust) and 420 (cheating). 

Basheer Ahammed, a fruit vendor from Shivajinagar, invested Rs 5 lakh for his daughter’s wedding scheduled next month. Speaking to DH, he said he distributed the wedding cards believing he would get the principal amount as well as the profit. He had now sought more time from the groom’s family to arrange the money. 

Fathima, a homemaker, invested in the company four years ago. The monthly profit would be credited in her bank account in the first week of every month but the payment stopped in April. The company told her the business was hit due to the elections. When she applied for the return of her principal amount, she was asked to come on Monday. 

Police say Khan’s phone is switched off and suspect that he has fled abroad or to other states. A lookout notice has been issued to all railway stations and airports. 

Topic: #railway
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