Bengaluru, 16 September (H.S.):The IMA Investors' Forum has petitioned Karnataka Governor Thaawarchand Gehlot, seeking his intervention and a CBI probe into alleged financial transactions between Minister B.Z. Zameer Ahmed Khan and the I-Monetary Advisory group.

The forum, representing investors who lost their savings after IMA collapsed, submitted the petition on September 13. It cited statements allegedly made by IMA founder Mohammed Mansoor Khan during questioning by the Enforcement Directorate under the Prevention of Money Laundering Act.

According to the petition, Mansoor Khan stated under Section 50 of the PMLA that nearly Rs 54 crore had been given to Zameer Ahmed Khan. The amount allegedly included a transaction of Rs 29.38 crore and an unpaid cash loan of Rs 25 crore.

The IMA scam allegedly involved the diversion of nearly Rs 1,400 crore belonging to more than 50,000 investors, many from the Muslim community.

The forum said the matter was under judicial scrutiny. In November 2023, the Karnataka High Court refused to quash a corruption case, observing that allegations of disproportionate assets exceeding 2,000 per cent required investigation. The Supreme Court subsequently dismissed an appeal against that order in December 2023, allowing proceedings to continue.

The petitioners alleged that the case had remained stalled at the Governor's office. A request from the Karnataka Lokayukta seeking sanction to proceed was reportedly returned on technical grounds because documents were submitted in Kannada without certified English translations.

Citing the delay and the sensitivity of a state agency investigating a serving minister, the forum sought an independent CBI inquiry. It said such a probe would ensure an unhindered examination of the alleged transactions and possible diversion of investors' money.

The forum stressed that it was not declaring anyone guilty and upheld the presumption of innocence. However, it said investors were entitled to a transparent and time-bound investigation.

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Hindusthan Samachar / Arun Lakshman