IMA jewels case: SIT conducts raids at IMA's two Bengaluru branches

The Special Investigating Team (SIT), which is probing the alleged financial fraud by I Monetary Advisory (IMA) on Tuesday conducted searches at IMA's Tilak Nagar and Yashwantapur branches here.

The agency seized 2.27 kg gold ornaments, 26.5 kg silver and cash worth Rs 83,26,000.

Earlier, SIT raided the firm's branches in Shivajinagar and seized jewellery worth Rs 13 crore, some property documents and a pistol with bullets.

"Forty-one kilograms of jewellery worth Rs 13 crore, one pistol, and 50 bullets and property documents have been found in raids at IMA branches in Shivajinagar, Bengaluru. Four boxes of pledged jewellery have also been found. Raids are still underway," said Deputy Commissioner of Police S Girish, who is heading the SIT.

IMA has allegedly cheated a large number of investors, mainly Muslims, after promising them impressive return on their deposits.

The development comes two days after IMA founder Mansoor Khan, who is on the run, released a video urging police to arrange his return to India so that he could join the probe.Khan, in a video released on YouTube, promised to fully cooperate in the investigation being conducted by the 11-member SIT and assured to return the investors' money by liquidating the company's assets.

He disappeared earlier this month after sending an audio clip to some investors threatening to commit suicide due to what he alleged was "harassment" by some politicians and goons.

The SIT had earlier conducted a raid at his office and seized jewellery worth Rs 20 crore. It had arrested the firm's auditor Iqbal Khan and seven directors of different entities linked to Khan.

The Enforcement Directorate (ED) had also issued summons to the IMA founder directing him to appear before the agency on June 24, but he failed to appear as he is believed to be in a foreign country.

Over 25,000 complaints have been filed against the company.