SIT seizes cash and gold from IMA-owned Dutta Gold & Silver Processing Centre in Bengaluru

The Special Investigation Team (SIT) formed by the government, raided IMA-owned Dutta Gold and Silver Processing Centre in Shivajinagar here on Tuesday in connection with IMA Ponzi scam. Rs 18.61 lakh in cash and 2325 grams of gold in the form of gold biscuits worth Rs 71.39 lakh was seized.

SIT on Monday arrested Deputy Commissioner (Urban) Sri Vijayshankar here on charges of receiving a bribe of Rs 1.5 crore from the jeweller. Last week, the SIT team had also arrested Assistant Commissioner of Bengaluru North division LC Nagaraj on charges of receiving a bribe to give a favourable report.

The SIT had also conducted searches at Tilak Nagar and Yashwantapur branches of the I Monetary Advisory (IMA) on June 25.

IMA has allegedly cheated a large number of investors, mainly, Muslims after promising impressive returns on their deposit.

Its Founder Mansoor Khan had disappeared last 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.

He had also released a video on YouTube on June 23, urging police to arrange his return to India so that he could join the probe.

Khan, in the video released, 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.