Summary:
Bala Chauhan ByExpress News ServiceBENGALURU: The I Monetary Advisory (IMA) scam may be the first case in Karnataka and perhaps the country, which may attract the provisions of ‘Banning of Unregulated Deposit Schemes Ordinance, 2019’, sources on condition of anonymity told The New Indian Express. “Prima facie, the IMA scam is a fit case to invoke the new Ordinance, which was promulgated in February as a punitive and deterrent measure against unregulated Ponzi schemes. The Ordinance penalises unregulated deposit schemes, wilful default in regulated schemes and wrongful inducement of investors to unregulated deposit schemes. The IMA scam is also under the radar of Central revenue and law enforcement agencies. IMA ROPED IN CLERICSThe investments in IMA increased because the founder Mansoor Khan promised people returns as per Sharia law..