1500-Crore Islamic Banking Scam: Karnataka Government Ignored RBI Letter Asking To Investigate IMA Group

The possibility of a politician-scamster nexus throttling the 1500-crore Islamic banking scam by IMA Jewels is increasing in Karnataka as a 2018 letter from RBI to the Congress-JD(S) government comes to light.

In the letter, the RBI asked the Karnataka state government to launch a probe into IMA jewels, a halal investment group, but Karnataka failed to do due diligence. The police didn’t even file an FIR, citing “procedural issues” as the reason, reports India Today.

A forfeiture notice was also issued against the IMA by Assistant Commissioner, Revenue Department probing the Ponzi companies. It was published in newspapers calling attention of investors to be aware of the situation.

Along with Mohammad Mansoor Khan, founder and manager of the group, 16 other entities were mentioned in the notice and their whereabouts were enquired. However, Revenue Minister R V Deshpande, as reported by Deccan Herald, said that no public responses came. Deshpande also mentioned that now-suspended Congress leader Roshan Baig had visited him along with Mansoor Khan.

It has also come to light that Islamic clerics had issued fatwas to Muslims to invest in the ponzi scheme.

The issue came to limelight when a video-clip allegedly showing Mansoor Khan saying he would end his life over financial losses caused panic among investors. While Enforcement Directorate (ED) has issued summons to Khan asking him to appear before 24 June 24, he has been absconding. He reportedly fled to Dubai on 8 June.