Bengaluru Ponzi rip-off: How racket eroded public have faith in Muslim politicians, clergy

BENGALURU: Numerous Ponzi schemes in Karnataka have duped people of their money, but the I Monetary Advisory (IMA) Group scam has done irreparable damage to middle-class investors while simultaneously eroding public trust in Muslim politicians and ulemas (Islamic scholars). Politicians of the minority community admitted that their credibility was at stake because some of them…

Bengaluru Ponzi rip-off: How racket eroded public have faith in Muslim politicians, clergy

BENGALURU: A lot of Ponzi schemes in

Karnataka

bear duped folks of their money, however the I Financial Advisory (IMA) Neighborhood rip-off has performed irreparable harm to heart-class investors whereas concurrently eroding public have faith in Muslim politicians and ulemas (Islamic students).

Politicians of the minority community admitted that their credibility turned into at stake because some of them had, thru their public association with IMA’s founder-proprietor Mohammed Mansoor Khan, given legitimacy to his felony enterprise. They mentioned the affect of the swindle by Ambidant Marketing and marketing Pvt Ltd, whose business mannequin turned into a lot like IMA’s, would faded when compared to the adversarial fallout from the IMA rip-off.


IMA set up of dwelling of business in Shivajinagar

“Politicians bear been seen with Mansoor at public capabilities he hosted akin to mushairas (poetic symposiums),” a source mentioned. “However Mansoor basically bought ulemas to endorse his audit books. Two years previously he introduced out a booklet according to these endorsements, pointing out that every one investments in his agency bear been halal (permissible).”

A senior Muslim Congress chief mentioned there may be a disaster of self assurance among the many community in direction of politicians and ulemas.

“Determined ulemas, in set up of dwelling of talking on the Quran’s teachings in their Friday sermons, requested their congregations to pray for the welfare of Mansoor and his companies,” he mentioned. “Some of them even issued fatwas endorsing his business, when most of them bear been ignorant of how monetary establishments may soundless operate.”


Hundreds of investors bear filed a police criticism on the conference heart

Sources mentioned a majority of Muslim politicians bear been beneficiaries of Mansoor’s largesse either thru election funding or projects like renovation of presidency colleges.

“The truth that they bear been considered with Mansoor gave self assurance to folks that had some financial savings,” one source mentioned.


Criticism letters submitted by investors in IMA ponzi rip-off are piling up at Commercial Boulevard Police Build

In Karnataka, Muslim political leadership has largely been the monopoly of the Congress. However Muslim leaders bear by no means been in a aim to unite as a consolidated entity. “Jealousy among leaders, political machinations to upstage one one other and a generation gap are the explanations that the community doesn’t disclose in one explain,” a source mentioned.

That the Congress gave staunch one label to the community in the present Lok Sabha polls, when the norm previously turned into two to 3, has demotivated Muslim leaders. “The birthday party leadership has taken the community with out a consideration. The Lok Sabha polls, wherein many Muslims voted for the BJP, may soundless be an explore-opener,” a source mentioned.

Contributors of the community mentioned there has been no licensed Muslim chief after mature minister Azeez Sait, who passed away in 2001, and turned into identified for his no-nonsense stand on considerations.

“Money vitality works now, which is now not my fashion of functioning,” a Muslim Congress chief mentioned. “The Congress sidelined folks like Okay Rahman Khan, CK Jaffer Sharief (when he turned into alive), CM Ibrahim and Okay Naseer Ahmed for their forthright views.”

Younger politicians like Rizwan Arshad, UT Khader, NA Haris and Syed Naseer Hussain wield noteworthy affect in the birthday party, but are yet to strike a chord with the community, he mentioned.


Read More