Karnataka to forfeit assets of I Monetary Advisory-IMA that runs money deposit schemes
Moneylife Digital Team 20 November 2018
Even while the promoter of Heera Gold has been arrested after many long years of complaints to various regulators, another scheme is targeting Muslims with a similar pitch of 'halal' investments. The Karnataka government has issued notice in Times of India (Bengaluru edition) to forfeit all movable and immovable properties of Bengaluru-based I Monetary Advisory Pvt Ltd (IMA) and its promoters and directors. IMA has been found guilty of illegally collecting money from public, diverting the funds to its directors and defaulting on repayments.
 
This scheme tried to ride on the success of Nowhera Shaik of Heera Gold, who now has multiple first information reports (FIRs) filed against her in various police jurisdictions.
 
 
The notice issued by assistant commissioner has names of 16 entities, including IMA, its managing director and chief executive officer Mohammed Mansoor Khan, directors Nasir Hussain, Naveed Ahmed Nattamkar, Nizammuddin Azeemuddin, Afshan Tabassum, Afsar Pasha and Arshad Khan. 
 
"Since it has come to the notice of the government that IMA and its associates have committed an offence by illegally collecting the money from the public and diverting the said funds to its directors' self-interest, thereby committed default in repayment of the depositors money. In this regard, several cases have been registered. As such, the government, exercising its power under section 5 of the Karnataka Protection of Interest of Depositors in Financial Establishment Ac, 2004, has appointed assistant commissioner, Bengaluru, north-sub division as the competent authority to forfeit movable and immovable properties of IMA and its associates, promoters, partners, directors, managers of members of any other person of the company,' read the notice issued in local newspaper.
 
 
On its website, IMA claims to have presence in bullion trading, educational academies offering pre-primary to higher secondary education, credit co-operative and housing society, health care services and a multispecialty hospital, hypermarkets and supermarkets, infrastructure and real estate development, printing and publishing and retail sales of gold, silver, diamond & platinum jewellery. 
 
 
Responding to the notice through a post on Facebook, Mr Khan said, "21st November being a public holiday, IMA legal team will take appropriate steps to set things right, which has been deliberately done to sabotage the image of IMA group."
 
 
Comments
Hayat Athif Ahmed
2 years ago
If the people become more practical then no one would ever cheat them . In any business it is impossible to make huge profits . All he was doing was rotating the money until he fills up his pocket the day he filled up his pockets he just simply escaped leaving investers behind clueless. Please understand there is no easy way of making money.If we find anything which looks too good to be true then we must understand it is fake

I just hope people receive Justice
mohammed riasath
2 years ago
Can someone tell me what ever the money invested in IMA can be returned? Is there any source for it.. Please let me know..
Shakeel Badal
Replied to mohammed riasath comment 2 years ago
Catch hold all those IMA bhakts who advised to invest in it.
Don't expect anything from IMA now.
Syed Ateeq
2 years ago
My view here is that it's not the fault of the IMA authorities it's our fault who fall prey to such acts. Have we not seen companies like this who have cheated and still people invest later when they come across such losses they start blaming the company.. tell me is this correct..
My message to all is that never ever even think of investtimg money in such companies.
Mehreen Syed
Replied to Syed Ateeq comment 2 years ago
Don’t push everything under a rug and be like “it’s not the fault of IMA” I understand the message you’re sending out to the public. But u think what IMA did was right?
Zahur Shaik
2 years ago
I think if IMA publish its Quarterly/Yearly financial statements to general public then it can earn public interest and also it helps to increase its business.
007
3 years ago
A small amount of looted money thoeown to call centers which run supporting campaign to all immoral activities,. Democracy has turned into unchecked Mobocracy , Lynchocracy,

These IMA supporting comments are from their hired call centers,

We need to educate our community who is still believing in having more kids than quality education,.
mjnasar khan jamal
Replied to 007 comment 3 years ago
Assalam bros.
Any body know what kind Bussiness they are doing and How they are earning 6% per month ( 3 to investor and 3 to company ) please share views
wyatt jacob
Replied to mjnasar khan jamal comment 3 years ago
ya I know how they run the company first u go and join by investing some money and then u bring your friends and family and join them to get money
Syed Laiq
3 years ago
i think shariff is geting paid to comment negative about ima or he is so jobless that he is commenting to each and every comment. this type of dirty mined fools should be booked for causing fear and panic among investors.
wyatt jacob
Replied to Syed Laiq comment 3 years ago
syed laiq I think you are in the business when u get to cheat by them then you will know the pain of losing money
shariff
Replied to Syed Laiq comment 3 years ago
Dear brother syed Laiq, firstly its the Government of Karnataka which has caused fear and panic among fools who have invested in IMA by issuing a public notice in times of india newspaper that they will forfeit assets of I Monetary Advisory-IMA, i don't have anything to do with this action of the karnataka government ,Secondly my intention is to prevent poor people from losing money and then making youtube video crying for the money they lost,
Allah knows my intentions that's sufficient for me ,
Razzaq rock
Replied to shariff comment 2 years ago
Thank you sir.. for your advice I didn't Invest my money.. u tried ur best for help others but what can v do..
Raymond
Replied to Razzaq rock comment 2 years ago
Why would she need to Invest her money in this as she is Found within the IMA membership as being one of the members. Research This for yourself
Shakeel Badal
3 years ago
Does anybody have financial statements of IMA? Balance sheet will talk about it’s assets
Syed Laiq
Replied to Shakeel Badal comment 3 years ago
yes, http://www.mca.gov.in/mcafoportal/viewDocuments.do

check for IMAIP BULLION AND TRADING LLP
Shakeel Badal
Replied to Syed Laiq comment 3 years ago
Thanks Syed Laiq,

I checked the annual return documents, latest available is for FY 2015-16. There are no returns filled for FY 2016-17 & FY 2017-18.

Profit for year ended 2016 is negative Rs -17,874 where as net cash inflow from investors is Rs 4,96,00,000
I am surprised how come IMA paid its investors a return of 3% per month? roughly amounting to Rs 14,88,0000 per month.

It would be good if anyone can explain.
Shakeel Badal
Replied to Shakeel Badal comment 3 years ago
correction 14,88,000 per month
shariff
Replied to Syed Laiq comment 3 years ago
Dear brother syed Laiq, could you please explain why did Mr mansoor khan ceo of IMA paid Rs 10 crore, 1 kg of gold jewellery to janasri ceo ,why did he not report him to police , IMA claims that their records are crystal clean , and they comply with all government department. if that was true what was there to fear ? "Mansoor Khan told the police he mustered the courage to file a complaint against Vajpai following his arrest on the basis of a complaint filed by another city-based businessman." WHY was he so fearful ?

Read more at: https://www.deccanherald.com/content/606744/janasri-ceo-extorted-rs-10.html
Mohamed Mufiz
Replied to shariff comment 3 years ago
the answer is simple its a ponzi scheme, he paid ransom to hide the illegal activities of IMA, but who is gonna explain this to IMA bhakts, they will open their eyes when this scheme will go bust, same like heera gold
BV SUDHANVA
3 years ago
IMA IDIOTS MONEY AVAILABLE
Fuzail
3 years ago
Money Life has conveniently hidden many whistle blowers articles against corrupt officials in various departments and are seemingly appearing partner in gloves with the extortionist sitting in the Tahsildar officer in Bangalore.

A tahsildar office trying to appear as a revenue officer and to the effect that he has mentioned that immovable and moveable assets have been seized. Utter and total rubbish and everything is rock solid at IMA Group.

Extortion seems to be the new way of life at Money Life. Very sad to know this.
shariff
Replied to Fuzail comment 3 years ago
Dear brother fuzail, can you please tell me if IMA Is so clean why did he pay 10 crores to Janasri CEO , ?

Read more at: https://www.deccanherald.com/content/606744/janasri-ceo-extorted-rs-10.html news channel as extoration,
Aliya
3 years ago
This is a vicious and malicious campaign by extortionists in the guise of a govt office notice and press titute type news channels and sites. Never knew life's digital team would be something similar.

I Monetary Advisory has never been involved in anything illegal and will never be involved in anything illegal.
shariff
Replied to Aliya comment 3 years ago
if IMA Was so clean , why did he pay janasri news channel CEO Rs.10 crore, and gold , instead of reporting him to police, ?
Raza Sha
Replied to shariff comment 3 years ago
Brother the problem with our community is they dont trust any1, till they dnt get scammed out of it.same point of views peolpe use to say regarding ambident,aala ventures,heera gold etc etc..now wen they r out of the bizness people r claiming for mney in such a emotional way u cn chck it out the videos in youtube...so dnt waste ur time making them undrstnd abt IMA.bcz samajhdhar logon ko ishaara hi kaafi hai..
Aalim hussain
3 years ago
Money deposit schemes? What absolute rubbish is this. They are not a money deposit scheme, but rather have LLP's which are fully compliant with the land of the law and have been delivering tax paid income for many years.

Totally absurd that you guys are indulging in click bait. Unsubscribed and henceforth blacklisted in my family and friends circles.
shariff
Replied to Aalim hussain comment 3 years ago
Dear Brothers , IMA is a ponzi scheme , they are simply paying old investor from the money new investor is investing, please study heera gold case you will understand whats going on in IMA, even world's top investors like warren buffet etc have never given 36 % returns , that to even if markets and down his profit seems to be fixed, use your common sense !
Shaziya Banu
Replied to shariff comment 3 years ago
Why the hell u r so much against about ima..u do your own business if you are not interested..y are you disturbing others..jitna apni taqdeer Mai hota hai woh Zaroor ada hota hai
Syed Abdur Rahman
3 years ago
The so called various regulators you are speaking of have not found an ounce of wrong doing at this esteemed organisation.

You guys would be better off reporting facts instead of being somebody's mouthpiece. Never expected this from munny life.
shariff
Replied to Syed Abdur Rahman comment 3 years ago
The respected lady Sucheta Dalal who runs this newspaper is award-winning business journalist and author. She has been a journalist for 25 years and was conferred the prestigious Padma Shri for journalism in 2006, she has exposed many scams she was the one who broke the securities scam in 1992 which was India’s biggest financial scandal, when she is writing about IMA you better believe it,
Shabbir Parvez
3 years ago
Money Life is indulging in mud slinging without due investigation! Looks like you guys have started accepting monetary rewards from instigators as well. Good bye.

As far as I Monetary Advisory is concerned, every single aspect of theirs is legally vetted and all details accounted for. There has not been any adverse report about them till date.
shariff
Replied to Shabbir Parvez comment 3 years ago
Ms. Sucheta dalal has written to Securities and Exchange Board of India (SEBI) , regarding ponzi scheme of Heera gold and IMA, and the SEBI confirms Heera Gold is a Ponzi scheme, says EOW, ED and SFIO probing the MLM https://www.moneylife.in/article/sebi-confirms-heera-gold-is-a-ponzi-scheme-says-eow-ed-and-sfio-probing-the-mlm/54730.html
Hashim Taiyub
3 years ago
It is not any multi level business chain , it's under llp act .
shariff
Replied to Hashim Taiyub comment 3 years ago
IMA IS ponzi scheme
Hashim Taiyub
3 years ago
Till date I have not come across any such incident that IMA has not paid there members money on time or anything illegal work is done, I think IMA dont run any scheme , they raise capitals from public in llp.
shariff
Replied to Hashim Taiyub comment 3 years ago
dear brother hashim taiyub , getting payment on time in not proof that IMA is not ponzi scheme , many pozni scheme like Saradha Group financial scandal in west bengal and Pearl scam, have paid their investor for many years on time, only the latest investor suffered ,
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