Karnataka HC Grants Bail To Prime Accused Mansoor Khan In IMA Money Laundering Case [Read Order]

The Karnataka High Court recently granted bail to Mohammad Mansoor Khan, prime accused in the 'I Monetary Advisory' (IMA) scam in a case registered with the Enforcement Directorate.

Justice SREENIVAS HARISH KUMAR has granted bail to the accused on health grounds. It took into consideration that Khan has been a diabetic since the year 2013, suffering from hyper tension since the year 2010 and has cardiac problems and has also been suffering from degenerative spondylosis since October 2018.

It observed "The Chief Medical Officer (Central Prison, Bengaluru) might have stated that the petitioner's health condition is stable (in prison), but it does not mean that the petitioner can continue to manage those ailments being inside the jail. Certainly the ailments that he has require constant monitoring; the treatment that he may take outside the jail may be of different standard. It is pertinent to note that the Chief Medical Officer has clearly made an observation about the chronic disease conditions of the petitioner. Therefore, certainly this aspect can be considered for granting bail."

Khan is the Managing Director and Chief Executive Officer of IMA. Many individuals made investments in the said company. One Mohammed Khalid Ahmed made a report to the Commercial Street Police, Bengaluru, complaining that the company has refused to return the deposit made by him. Following this the State Government constituted a special investigating team and thereafter the investigation was transferred to CBI.

During investigation it came to light that the petitioner had collected Rs.4,000 crore from more than 55,000 thousand people by giving a false picture about the profits being made by IMA group of companies. Then the discrepancy to the tune of Rs.1001.80 crore was pointed out between the signed financial statements and the actual books of accounts of IMA Group of Entities. The Enforcement Directorate took over the investigation and charged Khan under sections 406, 409, 420, 120B of Indian Penal Code and section 9 of KPIDFE Act and section 3 of the Prevention of Money Laundering Act.

The court has allowed the accused to be released on furnishing a bond for Rs.5,00,000 and two sureties for the likesum to the satisfaction of the trial court. The trial court shall ascertain the whereabouts of the sureties before accepting the surety bonds.

Court has imposed the following conditions:

*He shall regularly appear before the trial court till conclusion of trial.

*He shall not tamper with the evidence and threaten the witnesses.

*He shall not alienate any of his properties till conclusion of trial and in case a need arises to alienate, he shall disclose to the trial court the purpose which necessitates alienation and obtain permission of the trial court. The trial court may impose conditions if it decides to permit alienation.

*Till conclusion of trial, he shall mark his attendance in the office of the respondent once in a fortnight, preferably on a Monday in between 9.00 AM and 12.00 Noon.

*He shall not leave the jurisdiction of the trial court without prior permission.

Cause Title: Mohammad Mansoor Khan, And The Directorate of Enforcement,

Case No: Criminal Petition No. 4580/2020

Date of Order: 19TH DAY OF OCTOBER 2020

Coram: JUSTICE SREENIVAS HARISH KUMAR

Appearance: Advocate C.K.Nandakumar, for petitioner

Advocate Madhukar Deshpande for respondents