New Delhi, September 10: Waking ahead in a recent update to the IMA ponzi scheme scam, the CBI has moved up filing its first chargesheet against IMA founder Mansoor Khan within eight days of probe for allegedly duping lakhs of people by promising them high returns using Islamic ways of investment.
In its report, the agency has charged Khan and 19 other accused consisting of seven company directors, five members, an auditor, a private person and five private group companies, for alleged criminal conspiracy, cheating among other charges under the Indian Penal Code.
"This is the first chargesheet in the scam before the special court in Bangalore and the agency will file further chargesheets as the investigation progresses", the statement read.
"It was alleged that the founder director of group of entities based at Bangalore had illegally collected deposits from the public in the form of investments on various ponzi schemes such as monthly plan, education plan, marriage plan, etc., with a promise of getting high returns," a CBI spokesperson said.
He said it was further alleged that the accused persons widely propagated it through media, advertisements, religious scholars and others. "It was also alleged that the money collected as deposits and investments was not used for any genuine business activity, instead the accused rotated a portion of deposits to distribute among the investors in the guise of profits," he said.
The CBI had taken over investigation into the case on August 30 night on the request of the Karanataka government, routed through the Centre. Khan through his company IMA and its subsidiaries had allegedly duped over a lakh investors, mostly Muslims, promising high returns using Islamic ways of investment.