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, in 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 scheme and that 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 stated, “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, she or he would get hold of Rs 3,000 in step with month.

“But the return can also lessen by means of 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 by means of 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.

“That’s while people started out applying to withdraw their cash from the scheme,” added Usma. After submitting the relevant file, the depositor is supposed to get returned the quantity within 45 days, which, consistent with many protesters, has no longer reached their account but.

“We are poor people. Many of us accrued here invested our money in schemes for education, marriages, and clinical treatment. If the jeweler can’t go back our cash, let him at the least deliver us the jewelry really worth the quantity we invested. We can sell these and get our money returned,” said Shabana, every other protester, who deposited Rs 2.5 lakh with IMA Jewels.

The political perspective

Along with messages being circulated on WhatsApp become an audio clip, allegedly from Mansoor Khan to the Commissioner of Police, Bengaluru.

In the clip, the man presupposed to be Mansoor claimed that the Shivajinagar Congress MLA, Roshan Baig (although he did not explicitly raise his name inside the clip), had taken Rs 400 crore for him to contest the 2019 Lok Sabha elections. “He refused to return my money whilst he did now not get the price tag to contest. Instead of returning my money, he commenced sending his people to my office and residence. There become a hazard to my family’s existence and so I sent them (own family) to a village and I am in south Bengaluru.”

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