A Special Investigation Team (SIT) on Monday carried out raids at
3 Frontline Pharma shops owned by IMA and seized pharmacy and electronic items worth ₹70 lakh along with ₹4.4 lakh cash.
Head of SIT Girish said, “SIT searched 3 Frontline Pharma shops owned by IMA & seized pharmacy & electronic items worth ₹70 lakh along with ₹4.4 lakh cash. A Bengaluru Development Authority engineer was taken into custody&important documents were recovered from him.”
The searches were conducted on Saturday at Rayyan stores and Frontline Pharma in connection with the IMA Jewels case.
The investigative team has seized perfumes, bags, and fabric worth than Rs. 15 lakh, and medicines worth more than Rs. 1 crore.
On June 25, the team which is probing the alleged financial fraud by I Monetary Advisory (IMA) conducted searches at IMA’s Tilak Nagar and Yashwantapur branches. The agency seized 2.27 kg gold ornaments, 26.5 kg silver and cash worth Rs. 83,26,000.
The development comes after IMA founder Mansoor Khan, who is on the run, released a video urging police to arrange his return to India so that he could join the probe.
Mansoor Khan, in a video released on YouTube, promised to fully cooperate in the investigation being conducted by the 11-member SIT and assured to return the investors’ money by liquidating the company’s assets.