Fearing lack of cash deposited in schemes, masses protest in opposition to Bengaluru’s IMA Jewels

by Lionel Casey

‘Mansoor Khan is useless’, ‘Mansoor Khan killed himself’ – these have been a number of the messages that hundreds of humans in Bengaluru received on their smartphones on Monday morning. Mohammed Mansoor Khan is the proprietor of IMA Jewels, which many have deposited in an investment scheme. As soon because the message started doing the rounds on WhatsApp, it brought about panic amongst those who deposited in the system. They rushed to the showroom on Lady Curzon Road, Bengaluru.

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Since 9 am on Monday, the road saw a sea of protestors, each male and females, demanding again the lakhs (or maybe crores) of money they’ve deposited with IMA Jewels. A posse of police stood guard at the entrance of the showroom and tried to soothe the protestors. “When we came right here, we learned that Mansoor Khan isn’t lifeless,” stated one woman, while any other protester said, “He may have escaped as he couldn’t go back our cash.”

There was a reason why the message on WhatsApp triggered the panic. According to the scheme, IMA Jewels promised to pay its depositors a go back of up to three% per month, that is, if the enterprise is making earnings. Hence, if someone has invested Rs 1 lakh with the jeweler, they would get a hold of Rs 3,000 in step with month. But the return can also lessen, employing 2% or 1%, or no quantity at all if the organization isn’t doing nicely. This is what the proportion certificate that depositors get hold of states,” Usma, whose circle of relatives deposited Rs eleven lakh within the scheme, told TNM.

“Since the final 3 to four months, we had been receiving only one according to cent of the amount invested,” Nigar Sultana, one of the protestors, informed TNM. “Last week, I acquired a message from the jeweler saying that the remaining amount of the month-to-month goes back has been credited to my bank account. But this has not meditated in my bank account. All we see is a closed keep.” This became the priority that added the others to the footsteps of the jewelry showroom,

hooked up in 2016 using IMA (I Monetary Advisory) Group of Companies, led by using Mansoor Khan. In reality, even earlier than the messages on WhatsApp surfaced, the depositors got wind of the problem in March. “When I realized my monthly return had reduced, I enquired with the jeweler to see if there has been any setback. They attributed it to election season and other technical troubles. He (Mansoor Khan) in no way informed us the actual problem,” stated a protester, who did not desire to be named but emphasized that they did their due diligence earlier than investing in the scheme.

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