Karnataka to forfeit assets of I Monetary Advisory-IMA that runs money deposit schemes
Even while the promoter of Heera Gold has been arrested after many long years of complaints to various regulators, another scheme is targeting Muslims with a similar pitch of 'halal' investments. The Karnataka government has issued notice in Times of India (Bengaluru edition) to forfeit all movable and immovable properties of Bengaluru-based I Monetary Advisory Pvt Ltd (IMA) and its promoters and directors. IMA has been found guilty of illegally collecting money from public, diverting the funds to its directors and defaulting on repayments.
 
This scheme tried to ride on the success of Nowhera Shaik of Heera Gold, who now has multiple first information reports (FIRs) filed against her in various police jurisdictions.
 
 
The notice issued by assistant commissioner has names of 16 entities, including IMA, its managing director and chief executive officer Mohammed Mansoor Khan, directors Nasir Hussain, Naveed Ahmed Nattamkar, Nizammuddin Azeemuddin, Afshan Tabassum, Afsar Pasha and Arshad Khan. 
 
"Since it has come to the notice of the government that IMA and its associates have committed an offence by illegally collecting the money from the public and diverting the said funds to its directors' self-interest, thereby committed default in repayment of the depositors money. In this regard, several cases have been registered. As such, the government, exercising its power under section 5 of the Karnataka Protection of Interest of Depositors in Financial Establishment Ac, 2004, has appointed assistant commissioner, Bengaluru, north-sub division as the competent authority to forfeit movable and immovable properties of IMA and its associates, promoters, partners, directors, managers of members of any other person of the company,' read the notice issued in local newspaper.
 
 
On its website, IMA claims to have presence in bullion trading, educational academies offering pre-primary to higher secondary education, credit co-operative and housing society, health care services and a multispecialty hospital, hypermarkets and supermarkets, infrastructure and real estate development, printing and publishing and retail sales of gold, silver, diamond & platinum jewellery. 
 
 
Responding to the notice through a post on Facebook, Mr Khan said, "21st November being a public holiday, IMA legal team will take appropriate steps to set things right, which has been deliberately done to sabotage the image of IMA group."
 
 
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COMMENTS

Syed Laiq

4 weeks ago

i think shariff is geting paid to comment negative about ima or he is so jobless that he is commenting to each and every comment. this type of dirty mined fools should be booked for causing fear and panic among investors.

REPLY

shariff

In Reply to Syed Laiq 4 weeks ago

Dear brother syed Laiq, firstly its the Government of Karnataka which has caused fear and panic among fools who have invested in IMA by issuing a public notice in times of india newspaper that they will forfeit assets of I Monetary Advisory-IMA, i don't have anything to do with this action of the karnataka government ,Secondly my intention is to prevent poor people from losing money and then making youtube video crying for the money they lost,
Allah knows my intentions that's sufficient for me ,

Shakeel Badal

4 weeks ago

Does anybody have financial statements of IMA? Balance sheet will talk about it’s assets

REPLY

Syed Laiq

In Reply to Shakeel Badal 4 weeks ago

yes, http://www.mca.gov.in/mcafoportal/viewDocuments.do

check for IMAIP BULLION AND TRADING LLP

Shakeel Badal

In Reply to Syed Laiq 4 weeks ago

Thanks Syed Laiq,

I checked the annual return documents, latest available is for FY 2015-16. There are no returns filled for FY 2016-17 & FY 2017-18.

Profit for year ended 2016 is negative Rs -17,874 where as net cash inflow from investors is Rs 4,96,00,000
I am surprised how come IMA paid its investors a return of 3% per month? roughly amounting to Rs 14,88,0000 per month.

It would be good if anyone can explain.

Shakeel Badal

In Reply to Shakeel Badal 4 weeks ago

correction 14,88,000 per month

shariff

In Reply to Syed Laiq 4 weeks ago

Dear brother syed Laiq, could you please explain why did Mr mansoor khan ceo of IMA paid Rs 10 crore, 1 kg of gold jewellery to janasri ceo ,why did he not report him to police , IMA claims that their records are crystal clean , and they comply with all government department. if that was true what was there to fear ? "Mansoor Khan told the police he mustered the courage to file a complaint against Vajpai following his arrest on the basis of a complaint filed by another city-based businessman." WHY was he so fearful ?

Read more at: https://www.deccanherald.com/content/606744/janasri-ceo-extorted-rs-10.html

Mohamed Mufiz

In Reply to shariff 4 weeks ago

the answer is simple its a ponzi scheme, he paid ransom to hide the illegal activities of IMA, but who is gonna explain this to IMA bhakts, they will open their eyes when this scheme will go bust, same like heera gold

BV SUDHANVA

4 weeks ago

IMA IDIOTS MONEY AVAILABLE

Fuzail

4 weeks ago

Money Life has conveniently hidden many whistle blowers articles against corrupt officials in various departments and are seemingly appearing partner in gloves with the extortionist sitting in the Tahsildar officer in Bangalore.

A tahsildar office trying to appear as a revenue officer and to the effect that he has mentioned that immovable and moveable assets have been seized. Utter and total rubbish and everything is rock solid at IMA Group.

Extortion seems to be the new way of life at Money Life. Very sad to know this.

REPLY

shariff

In Reply to Fuzail 4 weeks ago

Dear brother fuzail, can you please tell me if IMA Is so clean why did he pay 10 crores to Janasri CEO , ?

Read more at: https://www.deccanherald.com/content/606744/janasri-ceo-extorted-rs-10.html news channel as extoration,

Aliya

4 weeks ago

This is a vicious and malicious campaign by extortionists in the guise of a govt office notice and press titute type news channels and sites. Never knew life's digital team would be something similar.

I Monetary Advisory has never been involved in anything illegal and will never be involved in anything illegal.

REPLY

shariff

In Reply to Aliya 4 weeks ago

if IMA Was so clean , why did he pay janasri news channel CEO Rs.10 crore, and gold , instead of reporting him to police, ?

Raza Sha

In Reply to shariff 4 weeks ago

Brother the problem with our community is they dont trust any1, till they dnt get scammed out of it.same point of views peolpe use to say regarding ambident,aala ventures,heera gold etc etc..now wen they r out of the bizness people r claiming for mney in such a emotional way u cn chck it out the videos in youtube...so dnt waste ur time making them undrstnd abt IMA.bcz samajhdhar logon ko ishaara hi kaafi hai..

Aalim hussain

4 weeks ago

Money deposit schemes? What absolute rubbish is this. They are not a money deposit scheme, but rather have LLP's which are fully compliant with the land of the law and have been delivering tax paid income for many years.

Totally absurd that you guys are indulging in click bait. Unsubscribed and henceforth blacklisted in my family and friends circles.

REPLY

shariff

In Reply to Aalim hussain 4 weeks ago

Dear Brothers , IMA is a ponzi scheme , they are simply paying old investor from the money new investor is investing, please study heera gold case you will understand whats going on in IMA, even world's top investors like warren buffet etc have never given 36 % returns , that to even if markets and down his profit seems to be fixed, use your common sense !

Shaziya Banu

In Reply to shariff 3 weeks ago

Why the hell u r so much against about ima..u do your own business if you are not interested..y are you disturbing others..jitna apni taqdeer Mai hota hai woh Zaroor ada hota hai

Syed Abdur Rahman

4 weeks ago

The so called various regulators you are speaking of have not found an ounce of wrong doing at this esteemed organisation.

You guys would be better off reporting facts instead of being somebody's mouthpiece. Never expected this from munny life.

REPLY

shariff

In Reply to Syed Abdur Rahman 4 weeks ago

The respected lady Sucheta Dalal who runs this newspaper is award-winning business journalist and author. She has been a journalist for 25 years and was conferred the prestigious Padma Shri for journalism in 2006, she has exposed many scams she was the one who broke the securities scam in 1992 which was India’s biggest financial scandal, when she is writing about IMA you better believe it,

Shabbir Parvez

4 weeks ago

Money Life is indulging in mud slinging without due investigation! Looks like you guys have started accepting monetary rewards from instigators as well. Good bye.

As far as I Monetary Advisory is concerned, every single aspect of theirs is legally vetted and all details accounted for. There has not been any adverse report about them till date.

REPLY

shariff

In Reply to Shabbir Parvez 4 weeks ago

Ms. Sucheta dalal has written to Securities and Exchange Board of India (SEBI) , regarding ponzi scheme of Heera gold and IMA, and the SEBI confirms Heera Gold is a Ponzi scheme, says EOW, ED and SFIO probing the MLM https://www.moneylife.in/article/sebi-confirms-heera-gold-is-a-ponzi-scheme-says-eow-ed-and-sfio-probing-the-mlm/54730.html

Hashim Taiyub

4 weeks ago

It is not any multi level business chain , it's under llp act .

REPLY

shariff

In Reply to Hashim Taiyub 4 weeks ago

IMA IS ponzi scheme

Hashim Taiyub

4 weeks ago

Till date I have not come across any such incident that IMA has not paid there members money on time or anything illegal work is done, I think IMA dont run any scheme , they raise capitals from public in llp.

REPLY

shariff

In Reply to Hashim Taiyub 4 weeks ago

dear brother hashim taiyub , getting payment on time in not proof that IMA is not ponzi scheme , many pozni scheme like Saradha Group financial scandal in west bengal and Pearl scam, have paid their investor for many years on time, only the latest investor suffered ,

Syed Aleem

4 weeks ago

i I have being a member with IMA from nearly two years before I introduce my capital I enquire them a lot and from that date till know they have never delayed my return nor delayed in returning the capital because one of my relative withdrawan his capital from FROM IMA and the same return to his account with out delay as per I know IMA they are running smoothly following the rule of the land I am really very much satisfied with IMA

REPLY

shariff

In Reply to Syed Aleem 4 weeks ago

Dear brother, aleem please read about Saradha Group financial scandal in west bengal and Pearl scam, they were paying there investor on time for many year on time,before going burst,

Hashim Taiyub

4 weeks ago

By Grace of Allah I dont hide my identity, I hve learnt a lot about IMA before investing there, according to me before coming to any conclusions nd talk on, we need understand first wat we talk nd wat to say. IMA is collecting funds from public under the guidelines of LLP nd there prodect is very much safe its is Physical BULLION, giving tax paid income as said in there annextures there will be non guaranted profit nd loss we need bare equally. Nd I hve read there annextures well before investing,

REPLY

shariff

In Reply to Hashim Taiyub 4 weeks ago

you better read this Bernard Madoff Ponzi Scheme, he was paying on time to his investors for 50 years, before going burst, only the latest investor suffer in this ponzi scheme,

Syed Aleem

In Reply to Hashim Taiyub 4 weeks ago

Same here brother I am also a member of IMA they are doing good Alhamdulillah

Fazal MG

4 weeks ago

Till date there is not even a single aggrieved person who has been relieved of his money. People have been hoping for IMA Group to collapse since the longest time and have used various tactics. But it has fallen flat on their faces.

The notice mentiones forfeiture of properties. Nothing as such as happened.

Also Digital team would be more prudent to do some research instead of labeling IMA Group as a deposit scheme. Speaks a lot about hit job journalism.

REPLY

shariff

In Reply to Fazal MG 4 weeks ago

dear fazal , IMA Is ponzi scheme its not deposit or LLP company , no legitimate company has ever paid 36 % profit without interruption for so many years, even when martek are down,

Fazal MG

In Reply to shariff 4 weeks ago

Dear Sharif it seems you are even more ignorant of facts than sucheta dalal herself. Why don't you check I Monetary Advisory's antecedents in the public?

Too many tom, dick and harry's such as yourself go around tom tomming your absurd self made logic in the hope of misleading.

It's not gonna work here buddy. Best of luck in your agenda whatever it may be.

shariff

In Reply to Fazal MG 4 weeks ago

Dear brother fazal , let's assume bill gates of microsoft would get call from News channel ceo demanding Rs.10 crore and gold , or he world run negative story about microsoft, what would he do , will he pay up or report him to police, ? he will report police without second thought,
but WHY did mansoor khan of IMA Paid 10 crores and gold to janasri news channel ceo ?

Hashim Taiyub

4 weeks ago

Hi,
I am being associated with I Monetary Advisory Since last 3+years, I am very much satisfied nd before investing in IMA I enquired about them a lot.

REPLY

shariff

In Reply to Hashim Taiyub 4 weeks ago

dear hashim , people have been associated with ponzi schemes for many years and got their profit on time, but ultimately they fail, its mathematical certainty , only latest investor suffer were as old investor will recover more than they invested,

Mohammed Anzar

4 weeks ago

Notice say investors have been cheated not even once ima have delayed profits,I am associated with them from past three years.demonitazition and gst ruined the economy of India,but a hand full of extra income from ima helped us in many ways,hope ima doesn't get close due to pressure of government polices,it is already a common practice the government doesn't want middle class people to get financially stable in India.

REPLY

shariff

In Reply to Mohammed Anzar 4 weeks ago

dear anzar if you want to make progress first invest in your financial education so you can judge between ponzi company and legitimate company,

Trump’s MLM Pitch Misled Consumers, Lawsuit Says
A class-action complaint filed Monday in Manhattan federal court accuses President Trump, three of his adult children and The Trump Corporation of misleading consumers through their endorsements of two MLMs – ACN Opportunity, LLC and the now-defunct Trump Network – and The Trump Institute, which ran real estate seminars until 2009.
 
The bulk of the 160-page lawsuit centers on Trump’s endorsements of telecommunications marketing company and Direct Selling Association member ACN before turning to The Trump Network and The Trump Institute.
 
And it ends by claiming defendants violated the Racketeer Influenced and Corrupt Organizations Act (RICO), conspired to violate RICO, and engaged in false advertising, unfair competition, unfair and deceptive trade practices, fraud, and negligent misrepresentation.
 
The allegations in the complaint can be summed up as follows:
 
  • For at least 10 years, beginning in 2005, Trump secretly received millions of dollars in payments while deceptively marketing ACN to distributors by falsely telling them that they had a great opportunity to make money without risk, that he had personally done a lot of research into ACN and personally experienced the opportunity, and that his endorsement was “not for any money.” Trump even praised ACN on his reality TV show, “The Celebrity Apprentice,” posing with the company’s founders. ACN distributors paid a “$499 registration fee” to join. The four plaintiffs, each of which uses a pseudonym in the complaint, allege they made little to no money after their initial investment in ACN.

 

 

  • From 2009 to 2011, Trump was secretly paid to endorse another MLM – The Trump Network – and he made deceptive claims about the demand for the product, in this case, vitamins, and the business opportunity, among other things.

 

 

  • In 2005, Trump licensed his name to another company known as The Trump Institute. That venture purported to sell Trump’s real estate secrets of success through high-priced training seminars but despite Trump’s endorsements of the company he was not involved with it and his secrets were not disclosed in the seminars. Instead, consumers received plagiarized materials.

 

 
In a statement to The Washington Post, the Trump Organization, to which the White House referred comment, called the allegations “completely meritless” and the timing of the complaint politically motivated.
 
This is not the first time Trump has faced class-action litigation over his endorsements of a business opportunity. In 2016, while admitting no wrongdoing, then-president-elect Trump agreed to pay $25 million to settle class-action allegations of fraud against his defunct for-profit institute Trump University. As with The Trump Institute, that enterprise also promised consumers that they would learn Trump’s real estate secrets.
For more of TINA.org’s coverage on MLMs, click here.
 
 
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COMMENTS

Syed Aleem

4 weeks ago

Hi I have being a member with IMA from nearly two years before I introduce my capital I enquire them a lot and from that date till know they have never delayed my return nor delayed in returning the capital because one of my relative withdrawan his capital from FROM IMA and the same return to his account with out delay as per I know IMA they are running smoothly following the rule of the land I am really very much satisfied with IMA

QNet and Vihaan Fail to Make Entry in the List of Direct Selling Entities in India
QNet, the controversial multi-level marketing (MLM) scheme, and its franchisee Vihaan Direct Selling (India) Pvt Ltd, both of which often try to hide behind the 'direct selling or product company' tag have failed to make an entry into the list of direct selling entities in India. 
 
The list, released by the department of consumer affairs under the ministry of consumer affairs, food & public distribution on 31 October 2018 has names of 327 entities mentioned as provisional direct selling entities.
 
The list has names like Amway India Enterprises Pvt Ltd, K-Link Healthcare (India) Pvt Ltd, and eBiz.com Pvt Ltd against whom there are some cases registered or probe is going on. For Amway, the list states one case is under investigation by the Directorate of Enforcement (ED) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. 
 
"Several criminal cases against Amway India Enterprises Pvt Ltd and its functionaries are pending or under investigation in the states of Andhra Pradesh, Telangana and Kerala. These are only those cases which have been brought to the notice of department of consumer affairs," the portal says.
 
Moneylife had earlier reported about eBiz.com. As per department of consumer affairs, there is a pending first information report (FIR) against eBiz.com at Hanamkonda Police Station at Warrangal in Telangana, which was registered in the year 2008. (Read: eBIZ.com uses MLM route to dupe students with IT package offer)
 
However, despite trying very hard to establish itself as direct selling or direct product selling company in India, QNet and its franchisee Vihaan have failed to make a cut in the list issued by the department of consumer affairs.  
 
As reported by Moneylife in December 2016, while a few powerful members were not allowing QNet’s entry into the Indian Direct Selling Association (IDSA), its franchisee Vihaan’s application too was rejected by other association, Federation of Direct Selling Association (FDSA). 
 
While rejecting Vihaan's membership application, the FDSA had said, "The Federation is repeatedly being approached by Economic Offences Wing (EOW) of Mumbai Police seeking various information regarding the company (Vihaan). The (Scrutiny) Committee feels it has collected the information about the pending court cases and is serious on the sub-judice status of the company. The Committee feels that the sub-judice status of the company (Vihaan) will jeopardise the faith of the government/ industry bodies in the Federation, hence recommends that the company need to come out clean before being considered by the Federation." (Read: QNet: FDSA too rejects Vihaan's membership application
 
QNet, the Hong Kong-based controversial MLM scheme has been facing backlash from several other countries as well. Earlier this year, QNet had to cancel its high-profile, flagship annual even called V-Con that that was scheduled to be held in Dubai between 8th to 12th September. 
 
In an email response, Zaheer K Merchant, director for corporate affairs at QNet, told Moneylife that, “As stated in the Facebook post, we had to make a decision to postpone the event due to circumstances beyond our control. You will note that several other large events were cancelled or rescheduled in Dubai in recent months, including the Dubai International Film Festival. We have no further comment here.”
 
QNet did not mention what these 'circumstances’ were, for cancelling its prestigious event. According to sources, the V-UAE 2018 was cancelled after Saudi Arabia declared QNet as haram and activities of the MLM company as ‘misleading activity’. On 1 September 2018, the ministry of commerce and investment (MCI) in Saudi Arabia issued a warning against QNet saying that its activities are prohibited in the country. 
 
From India alone, there were about 10,000 independent representatives (IRs) who have booked flight tickets to Dubai and also bought tickets at $350 each for the V-Con event. (Read: QNet Cancels V-Con Dubai Leaving Thousands of Agents in Soup)
 
On 1 September 2018, the Ministry of Commerce & Investment in Saudi Arabia had issued a warning against QNet (https://mci.gov.sa/en/MediaCenter/News/Pages/01-09-18-01.aspx) saying that its activities are prohibited in the country. 
 
Later in mid-September, the MCI from Saudi Arabia raided meeting places of QNet in that country. “QNet marketing activity aims to mislead and deceive dealers and clients with quick profit. Therefore, they try to raise money illegally by claiming that they are investing such money. This kind of activity is considered illegal because it depends on deceiving, cheating, fraud and manipulation,” the Ministry had said in a release. (Read: QNet: Saudi Arabia Raids Meeting Places of the Banned MLM)
 
Back home, there are several court cases and probe going on against QNet, its franchisee Vihaan and many people associated with the MLM scheme. In fact, two year ago, the Bombay High Court, in its judgement has observed "the deceit and fraud is camouflaged under the name of e-marketing and business".
 
While rejecting anticipatory bail applications of five accused in the multi-crore QNet scam, Justice Mridula Bhatkar, in a hard-hitting order on 6 May 2016 had said, "The motto of the company 'sell more, earn more' appears very attractive and innocuous. However, this motto is fully camouflaged. The company stands on a basic statement that people can be fooled. Thus, the true motto is 'sell more earn more' by fooling people. In fact, it is a chain where a person is fooled and then he is trained to fool others to earn money. For that purpose, workshops are conducted where study and business material is provided with a jugglery of words, promises and dreams. Thus, the deceit and fraud is camouflaged under the name of e-­marketing and business." 
 
"The claim that the wellness products i.e., Biodisk and Chi Pendent are medicinal and spiritual products, are after all, a matter of faith. However, the applicants/ accused have launched these wellness products with ulterior motive and with correct judgment of vulnerability of the people. The holiday packages, which were sold or offered, without any choice left to the buyers. The entire business was Internet based and, therefore, the persons who are responsible i.e., the top brass i.e., the applicants/ accused, were not approachable to the persons who were aggrieved. The nature of the business was knitted in the interest of the directors and shareholders in such a manner that the persons who are at the lower level of the pyramid cannot get any access to put up their grievances. The manner in which the persons were contacted, incentives offered, the workshops were conducted, are best examples of inducement," Justice Bhatkar had remarked. (Read: QNet: “It is a chain where a person is fooled and then he is trained to fool others to earn money” says Bombay HC order)
 
Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. 
 
While arguing before the HC in person, he had contended that the illegal money circulation scheme is being conducted in India by changing names from GoldQuest to QuestNet to the current QNet.
 
Earlier, the SFIO in its detailed ‘secret’ report on GoldQuest International Pvt Ltd and Quest Enterprises India Pvt Ltd has called multi-level marketing (MLM) schemes run by overseas operators as “a potential threat to national security”. (Read: QNet: Secret SFIO report says MLM, Ponzi schemes ‘a threat to national security’)
 
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