The Special Investigation Team (SIT), probing the alleged scam involving the I Monetary Advisory Group and its founder Mohammed Mansoor Khan, on Friday arrested five more directors of IMA Credit Cooperative Society Ltd., which is one of the companies in the group.
They have been identified as Shadab Ahmed, 28, Israr Ahmed, 32, Faizal Ahmed, 30, Mohammed Idrees, 30 and Usman Abrez, 33. This brings the total number of people arrested in this case to 13.
When the scam broke out earlier this month after thousands of citizens accused Mansoor Khan of cheating them of their investments, the police had arrested eight directors of I Monetary Advisory Company Pvt. Ltd., which is the holding company of the IMA Group. Mansoor Khan remains at large.
Sources in the SIT said that most of the investors were made members of the IMA Credit Cooperative Society Ltd. and held accounts in the society. Both their investments and the monthly dividends they received were through these accounts in the co-operative society.
“The society is at the hub of all money transactions in the Group. Its directors are expected to provide key information of the flow of money and if people’s investments had been diverted for private gain,” said SIT sources, explaining the reason for the arrests.
Meanwhile, the SIT searched the group’s premises at Shivajinagar and Frazer Town and residences of relatives of Mansoor Khan on Friday morning. Investigators said they recovered important documents from these residences.
“We suspect that he may have traded and invested the money using the names of his relatives, thereby diverting funds from IMA,,” an official said.
