The Enforcement Directorate (ED) has registered an Enforcement Case Investigation Report (ECIR) – the equivalent of an FIR – against Bengaluru-based I Monetary Advisory (IMA), which allegedly cheated over 30,000 investors who have lodged complaints with the police.
The ECIR has been registered under The Prevention of Money Laundering Act, 2002. The ED’s investigation will run parallel to that of the Special Investigation Team (SIT) set up by the State government to probe the alleged scam.
Police sources estimate the scale of the alleged scam to be over ₹1,230 crore and rising at last count. Following the formation of the SIT, the Enforcement Directorate had launched a preliminary probe leading to an ECIR, which lists Mohammed Mansoor Khan, MD, IMA, and other directors as suspects.
Senior ED officials said the probe will concentrate on tracking down the proceeds of the crime, whether money collected as investment was diverted out of the company and, if so, to whom. This gains significance as Mohammed Mansoor Khan had, in an audio message, claimed to have paid ₹400 crore to Shivajinagar MLA R. Roshan Baig, who is a Congress leader, and several others. Mr. Baig has denied the charge.
“We have begun work. We are trying to collect a list of all bank accounts of various firms in the group, of all the directors and their family members and associates, properties held by them, and book of accounts of all the firms. Once these are collected, we will get them audited to track the movement of funds. This is a painstakingly long process,” a senior official said.