TIL Desk/Business/Bengaluru/ The Enforcement Directorate (ED) filed a money laundering case against city-based IMA Jewels for operating an alleged Ponzi scheme and swindling crores of rupees from thousands of investors, an official said on Friday.
“We have filed an enforcement case information report (ECIR) under the Prevention of Money Laundering Act (PMLA), based on a complaint the city police registered against IMA and its Managing Director Mohammed Mansoor Khan,” an ED official told.
Though police filed the case on June 11 under sections 406 and 420 of the Indian Penal Code (IPC), a Special Investigation Team (SIT) is probing scam as directed by the state government.
“We will collect a copy of the documents the SIT has seized from the IMA office in the city centre and also go through the petitions about 26,000 investors from across the state filed since June 11 against IMA and Khan for allegedly duping them of their savings,” the official said.
