Another fugitive economic offender..! ED attaches 20 immovable properties and banks totaling to ₹209 crore of IMA Group

New Delhi, June 28: Unfolding the money laundering probe into a ponzi scheme involving Karnataka's IMA group, in which thousands of depositors have allegedly been duped, the Enforcement Directorate on Friday attached assets worth Rs 209 crore, seizing 20 immovable properties of the Group further.

 

“Bengaluru zonal office has issued a provisional order, under the Prevention of Money Laundering Act, for attachment of immovable assets worth Rs 197 crore and about Rs 12 crore deposits kept in bank accounts. The total amount of the attachment is about Rs 209 crore”, the ED informed in its statement.

 

According to statement further, the accused companies and its directors have indulged in the offence of money laundering by cheating common people through ponzi schemes and generated the proceeds of crime in the form of movable and immovable properties.

 

The agency had recently filed a criminal case of money laundering against the IMA group of companies and its absconding main promoter and Managing Director Mohammed Mansoor Khan after reports emerged that he has gone underground fearing investments worth crores of about 40,000 investors have tanked.

 

The ED had summoned Khan multiple times but he did not depose before the agency. The agency is meanwhile working towards getting an Interpol arrest warrant issued against him and get him declared a fugitive economic offender by a court.