The Enforcement Directorate (ED) on Friday said that it 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.
The Bengaluru Police had filed an FIR on June 9 against Bengaluru's IMA Group of Companies, (IMA Group) and its Managing Director Mohammed Mansoor Khan. The FIR had revealed that the accused entities had cheated more than 40000 middle class and lower middle class people through Ponzi Schemes. It is also suspected that Mohammed Mansoor Khan is absconding since the registration of FIR.
ED 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.
Mohammed Mansoor Khan had promised return on investment ranging from 2.5 to 3 percent per month to all the investors. 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 are about Rs. 197 Crore as evaluated by the approved government valuers, ED said.
The investigative agency revealed that the accused and his associates have diverted the amount in various accounts and acquired various immovable and movable properties in his name, in the name of the other Directors and associates.
Investigation done so far has identified 20 immovable properties and 105 bank accounts. Balance available in these bank accounts is around Rs. 12 crore, ED said. Investigation has also revealed that Mohammed Mansoor Khan had deposited cash of about Rs 44 crore in various bank accounts during the demonetization period.