Bengaluru ponzi rip-off: IAS officer spiked Karnataka minister’s Rs 600 crore IMA bailout intention

BENGALURU: Amid swirling allegations that Mohammed Mansoor Khan could not have fled to Dubai without the aid of authorities, it has emerged that a senior Karnataka minister aggressively lobbied for a Rs 600-crore bailout of the IMA founder-owner, only to be shot down by an IAS officer in the government. Sources said Khan had visited…

Bengaluru ponzi rip-off: IAS officer spiked Karnataka minister’s Rs 600 crore IMA bailout intention

BENGALURU: Amid swirling allegations that Mohammed

Mansoor Khan

could well per chance no longer possess fled to

Dubai

without aid from authorities, it has emerged that a senior

Karnataka

minister aggressively lobbied for a Rs 600-crore bailout of the IMA founder-proprietor, finest to be shot down by an

IAS officer

within the authorities. Sources mentioned Khan had visited the minister’s plan of business in Vidhana Soudha alongside with a Muslim politician all the plan in which via the month of Ramzan in this regard.

The revelations came on Friday because the rip-off grew to Rs 1,700 crore on the aid of complaints that continue to pour in from patrons who put their onerous-earned financial savings into Khan’s fingers – some on promise of halal investment and a few lured by the promise of very unlikely profits.

Nonetheless Khan’s troubles peaked months within the past. Sources within the authorities told TOI he had earlier this one year approached a bank for an wide mortgage. Because the mortgage application adopted the income department’s public take into memoir on the deceptive practices of Khan’s company, the bank realised that the agency become under the RBI scanner and insisted on a no-objection certificates (NOC) from the relate authorities.

Khan, utilizing high-level contacts, nearly succeeded in getting the certificates. Nonetheless an IAS officer refused to signal the papers. The minister, it is learned, exerted stress on the legit of the sad of most critical secretary to region the NOC even though he knew the background of the IMA Team and Khan’s financial space. A supply mentioned, “Efforts were fabricated from all quarters to construct the company seem unswerving and so that they wished the authorities to endorse the company. Nonetheless the senior IAS officer did no longer relent.”

“The officer took this stand, given his skills with a identical case within the past. The minister gave up when the legit refused to lag,” mentioned one other supply. “Khan’s financial misery turned acute after the bank mortgage expose fell via.”

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Bengaluru ponzi rip-off: IAS officer stood between Rs 600 crore IMA bailout intention

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