HYDERABAD: Three persons from Hyderabad and Medak districts who lost Rs 40 lakh in the IMA scam have approached the Telangana high court urging it to order a CID probe. The court, however, asked the trio to first file their complaints with CID and approach it with proofs on August 2.
Mirza Jaweed Baig and Waseem Mudafar, both from Hyderabad, and Syed Mohammed Hyder from Medak filed three separate petitions before the court, contending that the IMA scam has inter-state ramifications and only a CID probe would bust the persons behind it. “Either the state government or the high court should direct CID to take up the probe,” they said. Justice A Rajashekher Reddy, who heard the case through their counsel SM Saifullah, directed the petitioners to file their complaints with CID. “Send your complaints to CID through a registered post and file the proof of the same before the court on August 2,” he said. Baig lost Rs 20 lakh, Hyder Rs 15.5 lakh and Waseem lost Rs 5 lakh of her savings.
Saifullah said, in his plea, that the firm, I Monetary Advisory (IMA), was set up by Mohammed Mansoor Khan in 2006. “He earned the trust of Muslim community members and even obtained an endorsement from a section of the clergy certifying his scheme as ‘halal,’ which means ‘lawful’ or ‘permitted’ in Arabic,” he said. Small investors and depositors across Telangana rushed to invest in the scheme and IMA’s deposits had swollen to Rs 5,000 crore. Saifullah said IMA promised monthly dividends in the range of 2.75% to 8%.
However, depositors started suspecting foul play in March this year when IMA started defaulting on payments. “It’s a ponzi scheme, which operates on rotation of money. Old investors are paid with money collected from new depositors,” Saifullah said in his petition. He alleged depositors’ money was ploughed into various businesses like gold bullion, jewellery and real estate.
The petitioners argued that the actions of Mansoor and his firm were violative of section 5 of Telangana Depositors Protection Act, and sections 3, 4, 5, and 6 of Prize Chit and Money Circulation Schemes (Banning) Act 1978 and other provisions of Indian Penal Code. The court posted the case for further hearing to August 2.
Mirza Jaweed Baig and Waseem Mudafar, both from Hyderabad, and Syed Mohammed Hyder from Medak filed three separate petitions before the court, contending that the IMA scam has inter-state ramifications and only a CID probe would bust the persons behind it. “Either the state government or the high court should direct CID to take up the probe,” they said. Justice A Rajashekher Reddy, who heard the case through their counsel SM Saifullah, directed the petitioners to file their complaints with CID. “Send your complaints to CID through a registered post and file the proof of the same before the court on August 2,” he said. Baig lost Rs 20 lakh, Hyder Rs 15.5 lakh and Waseem lost Rs 5 lakh of her savings.
Saifullah said, in his plea, that the firm, I Monetary Advisory (IMA), was set up by Mohammed Mansoor Khan in 2006. “He earned the trust of Muslim community members and even obtained an endorsement from a section of the clergy certifying his scheme as ‘halal,’ which means ‘lawful’ or ‘permitted’ in Arabic,” he said. Small investors and depositors across Telangana rushed to invest in the scheme and IMA’s deposits had swollen to Rs 5,000 crore. Saifullah said IMA promised monthly dividends in the range of 2.75% to 8%.
However, depositors started suspecting foul play in March this year when IMA started defaulting on payments. “It’s a ponzi scheme, which operates on rotation of money. Old investors are paid with money collected from new depositors,” Saifullah said in his petition. He alleged depositors’ money was ploughed into various businesses like gold bullion, jewellery and real estate.
The petitioners argued that the actions of Mansoor and his firm were violative of section 5 of Telangana Depositors Protection Act, and sections 3, 4, 5, and 6 of Prize Chit and Money Circulation Schemes (Banning) Act 1978 and other provisions of Indian Penal Code. The court posted the case for further hearing to August 2.
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