Zameer to be grilled on many aspects of IMA

The Enforcement Directorate (ED) is likely to question Food and Civil Supplies Minister B Z Zameer Ahmed Khan on matters other than the property that he sold to the IMA Group in 2017.

The ED on Friday served a summons on Zameer, seeking to question him over the multi-crore IMA scam. Zameer had said the ED had sought clarification about the sale of his property located at Serpentine Street, Richmond Circle, to the company in 2017.

On Saturday, a source in the central government agency said Zameer would be questioned on other matters, too, without giving details.

Scam estimate

The IMA scam could be far lower than the Rs 4,000-crore figure calculated by the number of investments.

The actual losses suffered by investors are far lower because they had received a large portion of their money as “dividend”.

The exact estimate of their losses will be quantified only by the police, the source said. “The actual losses suffered by the investors will depend on how much the company has returned. Transactions of Rs 4,000 crore do not equate the actual losses,” the source explained.

The ED is exploring legal ways to extradite Mohammed Mansoor Khan, the absconding managing director of the IMA Group, and is in touch with the authorities concerned, the source said.

Mansoor went missing on June 8, two days before his so-called Halal investment company wound up, duping thousands of investors.

The source said although Mansoor alleged in audio and video messages that several influential politicians and officials were behind the scam, his claims must not be taken at face value.

During the investigation, however, other politicians or officials are likely to be questioned, the source added.