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SIT will be set up to investigate IMA jewels case: Karnataka Home Minister

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Home Minister MB on Tuesday said that a Special Investigation Team (SIT) will be constituted to investigate the fraud in the jewels case.

"has decided that an will be set up to investigate the case. The composition of the will be decided in a meeting with the and DIG. This is nothing more than a financial fraud. This is not the first and it will not be the last," said.

Turmoil ensued in the city when more than 4,000 investors trooped to the showroom of I Monetary Advisory (IMA) jewels in Shivajinagar area after an audio clip purportedly recorded by went viral.

In the audio clip, Khan has been recorded saying he was going to end his life since the company had suffered a financial setback, which sent the mostly Muslim investors into shock.

held a meeting with the top officials of the police department in the state. The DGP, IGP and other officials were all present in the meeting presided by the Home Minister wherein they deliberated on the future course of action.

"Firstly, efforts are being made to secure the chief Mansoor who is absconding, seizing the establishments of the group is another thing we are doing. Once the is formed they will take over from there," Patil said.

Talking about how the people had been deluded by the IMA jewels he said, "It is not a He had instead formed a limited liability company with their money and told people he was going to trade with their money. Taking interest on money deposited in banks is not allowed in Islam, he told the people he would invest their money in securities and shares instead. We are searching for documents to find where the money of the people has gone.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 20:13 IST