New Delhi, Jun 28: Directorate of Enforcement (ED) has provisionally attached immovable properties worth Rs 197 crore, Rs 98 lakhs from 51 bank accounts and Rs 11 crore from HDFC Bank held in the Pradhan Mantri Garib Kalyan Deposit Scheme under Prevention of Money Laundering Act (PMLA) in a ponzi scheme case, an official statement said here on Friday.
The Central financial probe agency move comes after the registration of an FIR on June 6, 2019 under Section 406 and 420 of IPC by Bengaluru Police against IMA Group of Companies at Bengaluru and its Managing Director Mohammed Mansoor Khan.
The probe agency investigations under PMLA revealed that the accused entities had cheated more than 40,000 middle class and lower middle class investors through ponzi schemes.
Mohammed Mansoor Khan is absconding since the registration of FIR.
Investigations also revealed that the accused companies and its directors have indulged in the offence of Money-Laundering by cheating common people through this schemes and generated the proceeds of crime in the form of movable and immovable properties.
A dedicated team was constituted for this case which revealed that Mohammed Mansoor Khan had promised return on investment ranging from 2.5 to 3 percent per month to all the investors.
“Investigations also revealed that the IMA Group was not doing any business to pay the promised monthly return on the investments made by the public.
So far 20 immovable properties held in the name of Mohammed Mansoor Khan and his entities have been identified as proceeds of crime.The valuation of the 20 immovable properties is about Rs 197 crore as evaluated by the approved Government valuers, the ED officials said.
On analysis of 105 bank accounts with various private banks and Co-operative Societies of IMA Group of companies it was revealed that the key accused Khan had received about Rs 4000 crore as investments, the officials added.
Investigation done so far has identified 20 immovable properties and 105 bank accounts. Balance available in these bank accounts is around Rs 12 crore.
The probing agency have revealed that Md Mansoor Khan had deposited cash of about Rs 44 crore in various bank accounts during the demonetization period.
As a result of action of the Income Tax Department IMA Group had paid tax of Rs 22 crore.
Accordingly 20 immovable properties worth about Rs 197 crore and movable assets worth about Rs 12 crore have been attached provisionally under the Act.
The investigation agency is in the process of issuing Red Corner Notice against absconding accused Mohammad Mansoor Khan and is also examining possibility of invoking of Fugitive Offenders Act, a source in the agency said. (UNI)