Md. Mansoor Khan is in the news after economic offenders like Nirav Modi, Mehul Choksi and the Kingfisher man. This Karnataka Ponzi scheme has made Interpol announce a blue corner notice against the founder Md.Mansoor Khan.
The hard-working middle class wants to have a safe investment option. Government options are not as lucrative. Private options are confusing. In this muddle comes third party shady deals and Ponzi schemes. If you think only the poor and uneducated fall for Ponzi schemes, think again.
The current headline-grabbing IMA Ponzi scheme had a significant percentage of upper-middle-class investors. The last dividend was allegedly paid in April and then the man ran but faking his own suicide.
I decided to write about this because I saw my father running after such schemes and losing money all the time. It never fails to surprise me that people still do this all the time. Thousands of people in Karnataka have filed FIRs.Here two questions need to be asked.
1)Why does the Government not have a Ponzi scheme alert in place.
2)Why is the public still falling for theses,that too in a place like Karnataka!
What’s IMA!
I Monetary Advisory group of companies was started by Md.Mansoor Khan. It’s behind the Ponzi scheme which duped people out of their hard earned money. Karnataka Government allegedly ignored a 2015,RBIs warning about this shady business and ED has also filed a case of money laundering against the company.
Who is Md Mansoor Khan?
Md. Mansoor Khan is the man behind the shocking Ponzi scheme in Bengaluru. He has left the country last week to the middle east probably Dubai. To evade suspicion he sent his family beforehand. Many top Karnataka politicians allegedly cheated him. He even sent a fake audio clip to Police before running.
He started an Islam banking and halal investment scheme. The investments avoided halal industries like tobacco, alcohol, etc. It raised 2000crores from the market.IMA has a diverse portfolio including education, healthcare, jewelry, and publishing industries.
What’s a Ponzi scheme?
A Ponzi scheme like the MLM scheme and pyramid schemes pay old investors by new investor money. They hook people by promising a high rate of interest, with little or no risk(not true in the real world) and is classically dubious in nature. Made famous by Charles Ponzi nature.
With so many Ponzi schemes everywhere in this country, it would seem we have a lot of money to give to scamsters. It’s a big surprise that economic offenders have such a wide reach. The story of Halal and Haram investment is big news today. Guess why? In this case, a lot of the religious leaders had supported the company and the owner. One wonders, what they will say now.
How to recognize a Ponzi scheme?
They target people with limited knowledge about how investments make money.
They guarantee the moon and back.
They talk about very high returns on investment which is at odds with market results. They depend on the lack of knowledge of the target investor.
The marketing and sales people involved have very high commissions and will invite you to join as an associate in many cases.
Their business model is vague.
The scheme sounds very lucrative and much better than anything you have heard.
Its always promoted as risk free or minimal risk.
If you see anywone offer you any such schemes,pretend to have some urgent work and run.Fast.