Jul 19, 2019, 9:38 AM IST
Bengaluru: The SIT on Thursday (July 18) arrested a man propagating for I Monetary Advisory (IMA) Jewels and its founder Mansoor Khan. The 42-year-old Umair Shariff promoted the scam in exchange for Rs 60 lakh in cash and an Ashok Leyland van worth Rs 15 lakh.
SIT has sent 'social activist' Shariff to police custody till July 22. IMA Jewels is embroiled in a case where the firm had allegedly cheated a large number of investors, mostly Muslims, after promising them impressive returns on their deposits.
Khan, promoter of IMA Jewels and prime accused in the ponzi scheme case, is under investigation for duping 40,000 investors in the state. He had claimed that he paid Rs 400 crore to Karnataka Congress MLA Roshan Baig which the latter was not returning.