IMA investors demand CBI probe against Minister Zameer Ahmed Khan

BENGALURU: The Aggrieved IMA Investors’ Forum has submitted a formal representation to Karnataka Governor Thaawarchand Gehlot, urging suo motu intervention and a comprehensive Central Bureau of Investigation (CBI) inquiry into financial linkages allegedly connected to minister BZ Zameer Ahmed Khan in the multi-crore I-Monetary Advisory (IMA) scam.

In the representation dated September 13, the forum, representing thousands of depositors who lost their savings in the IMA collapse, pointed to disclosures made by IMA promoter Mohammed Mansoor Khan during Enforcement Directorate (ED) proceedings under the Prevention of Money Laundering Act.

According to the forum, Khan stated that under Section 50 of PMLA, approximately Rs 54 crore was paid to Zameer Ahmed Khan, including cash payments of Rs 29.38 crore and an unreturned cash loan of Rs 25 crore.

It may be recalled that about Rs 1,400 crore of investor wealth was misappropriated. The total number of investors was over 50,000, with a majority from the Muslim community.

The forum noted that the matter is already under judicial scrutiny. The Karnataka High Court, in a November 2023 order, declined to quash the related corruption case, observing that allegations of disproportionate assets exceeding 2,000 per cent warranted full investigation.

The Supreme Court subsequently dismissed an appeal against that order in December 2023, allowing proceedings to continue.

The petitioners further alleged that the case was stalled at the Governor’s office, where the Karnataka Lokayukta’s request for prosecution sanction was returned on technical grounds — reportedly because supporting documents were submitted in Kannada and required certified English translation.

Citing the delay and sensitivity of a state agency investigating a sitting minister, the forum has demanded that the CBI conduct an independent probe into dealings with Zameer Ahmed Khan.

A central agency would ensure an unhindered inquiry into the alleged diversion of depositor funds.

The forum clarified that it was not pronouncing guilt and would abide by the principle of presumption of innocence, but maintained that affected depositors had a right to a transparent and time-bound investigation.

When contacted, the minister was not available for comment.

The representation was submitted by Farhan Rasheed, on behalf of the Aggrieved IMA Investors’ Forum, who has himself been fighting for the cause from an undisclosed location.