IMA jewellery scam not the first case of investors being cheated: Police
| Tuesday | 11th June, 2019
Chetana Belagere ByExpress News ServiceBENGALURU: Thousands might be left confused, scared and angry after losing their hard-earned investments in IMA jewellery scam but city police say that it is not a new scam.
“These companies cash in on the factor that Muslims are taught that ‘riba’ or usury is haram (prohibited) in Islam.
The method used by these companies, IMA, in particular, is to allow people to deposit funds, upwards of Rs.
In 2018, there were a series of complaints filed by depositors against IMA but there was no action taken.
“Few of them who were smart withdrew from him and those were spared of this rude shock,” said an investor.
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