IMA Jewels Investment Fraud (Bengaluru)

I Monetary Advisory (IMA), headquartered in Bengaluru, was founded in 2013 by Mohammad Mansoor Khan and presented itself as an Islamic banking company. Under the IMA Group umbrella, the business diversified into jewellery, real estate, bullion trading, groceries, healthcare, education, and publishing. Investigators later stated that the enterprise was a Ponzi scheme. The company attracted investors by promising high returns and building influence within the Muslim community by supporting schools, hospitals, and religious projects. Authorities had suspected the scheme as early as 2015 due to large discounts on gold at IMA Jewels, but initial action was hindered because the company operated as a partnership rather than traditional deposits, and no investors came forward while payouts continued.

The operation collapsed in March 2019 when the company stopped paying dividends to investors. Offices were closed to customers on 29 May 2019, triggering tens of thousands of complaints. A Special Investigation Team (SIT) and the Enforcement Directorate launched probes into the alleged financial fraud, estimating total investor losses between 2,500 crore rupees and 4,000 crore rupees. Authorities seized precious stones, attached properties, and froze bank accounts. The main accused was eventually arrested by the Enforcement Directorate in New Delhi after returning, and a court ordered medical care and security cover for him during judicial custody following claims of health issues and threats to his life.

The collapse also created political ripples after the main accused allegedly claimed that a local politician failed to return money intended for a political campaign, a claim the politician denied on social media while acknowledging a relationship only as a legislator working with a constituency school funded by IMA. The fallout left community projects and schools connected to the firm in uncertainty.

Not yet reported: The articles do not detail the final judicial verdicts or court sentences resulting from the criminal charges against the accused.