Latest


Bengaluru: IMA fudged accounts - Falsely showed higher profits

  •   Sat, Sep 28 2019 08:47:03 PM

Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Sep 28: During the scrutiny by a well-known fraud risk management company of the book of accounts of IMA for 2017-18, it has revealed that the company falsely showed that it had reached profit figure of Rs 8,250 crore as per its earlier estimate, whereas the actual income of the company from all sources was only Rs 12 crore during that particular year.

The special investigation team appointed to investigate dealings of the company had appointed a management company to check the books of accounts. Its report has brought out this shocking revelation.

The company showed income of Rs 8,520.57 crore by way of sale of gold bars through BMA Wealth Creators for 2017-18 but the company which verified the accounts realized that the actual sale amounted to only Rs 12 crore. This figure was shown to impress the investors and make them to continue to deposit money in the company.

The entire amount of annual business was accounted at the fag end of the year, and lot of errors and false things were found in the audit report, the fraud risk management report added.

It was found that owner of the company Mansoor Khan, directors of IMA, and chartered accountants together entered into a conspiracy. Clearly, the company was returning a part of the amounts invested by the depositors in the form of interests.

It is found that the company did not transact business it claimed it had. It had collected huge amount of deposits without obtaining Reserve Bank of India permission, the Central Bureau of Investigation has said in its first charge sheet filed in the CBI special court.

On Friday, a division bench of the state high court comprising Chief Justice A S Oka and Justice S R Krishnakumar instructed the state government to file report about steps taken against nine private companies including Ambidant that have reportedly cheated the public to the tune of crores of rupees. The bench passed this order when hearing a petition filed by Narendra Kumar and six others seeking directions to the government on this issue. The bench also directed the government to take decision immediately on the issue of permitting prosecution of IAS officers facing allegations of indulging in wrongdoings in IMA cheating case.
  

Top Stories

Comment on this article

  • Brinda, Bangalore

    Wed, Oct 02 2019

    @ rampanna
    You are correct . IMA is not a bank . But under modi rule all the fruad peoples ran away from india. NPA has become more. Banks are under loss. Un employment .

    DisAgree Agree Reply Report Abuse

  • ahmed, karnataka

    Sun, Sep 29 2019

    what about 400 crores given to Mr. Baig, as claimed by Khan?

    DisAgree Agree Reply Report Abuse

  • Syed jafar, Davangere

    Sun, Sep 29 2019

    I am an IMA investor & this scam has done because of govt & RBI negligence so we want heard earned money back & govt. RBi Responsible for that

    DisAgree Agree [1] Reply Report Abuse

  • Rampanna, Udupi

    Sun, Sep 29 2019

    @Syed Jafar, Davangere

    Sorry to say this, but in all likelihood, you have lost at least 99% of your money. YOU invested the money in IMA for your own greed into a private business venture of Monoor Khan, which turned out to be a fraud. And neither the Government nor the RBI is going to compensate you for the loss.

    Even I have worked hard for the money I have earned in my life. And did not go chasing returns at 4 times the nominal interest rate of SBI’s FD rate.

    If you think that the Government / RBI have any legal obligation to safeguard the money you put in the hands of a rogue private individual, please file a writ petition in the high court and prove your case.

    DisAgree Agree Reply Report Abuse

  • Stephen Pinto, MANGALORE

    Sat, Sep 28 2019

    In my view RBI should take the full responsibility to this mess. Although RBI within such banks conducts an in depth audit once in two years... why an anomaly of this size was not detected by RBI auditors even after two /three audits? Who were the auditors? Have they been investigated ? Why a non-compliance of this size was detected after so many years? who is responsible? .. RBI appears to be incompetent in running audits of banks or else an investigation of CBI ( unfortunately believed to be compromised) need to be taken to verify audit scope of banks.

    Punishing depositors of their hard earning by RBI is an unethical and off the cuff action which is not in the interest of the banking world of India. The Indian banking system itself has been shaken by RBI .. God help us.

    DisAgree Agree [9] Reply Report Abuse

  • Rampanna, Udupi

    Sun, Sep 29 2019

    @Stephen Pinto, Mangalore

    IMA is not a bank. How is RBI responsible for IMA’s fraud when RBI never had any oversight over IMA’s business?

    People who put money in IMA did it for their own greed. As the saying goes “no risk, no reward”. They took the risk with IMA and now lost all their money.

    With regards to the audit – when a company like Satyam computers could hoodwink / collude with global audit firms like PWC, how hard is it for a fraudster like Mansoor Khan to get a Ramlal & Shamlal CA Firm to sign off on a clean audit report? (Wouldn’t be surprised if even that audit report itself was printed by Mansooor Khan using a fake sign & seal of a CA firm).

    DisAgree Agree Reply Report Abuse


Leave a Comment

Title: Bengaluru: IMA fudged accounts - Falsely showed higher profits



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like