Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Aug 10: IMA Ponzi scheme main accused, Mansoor Khan, revealed during investigation by Special Investigation Team (SIT) that before fleeing the country, he had melted over a tonne of gold and converted the same into cash.

Khan, it is learnt, had been preparing to leave the country since the last many months, and during the four to five months just prior to leaving India, he had got over a tonne of gold bars and ornaments melted and converted it into cash. SIT sources said that investigation is now being conducted into where the money went and whether it was invested somewhere.

On the recovery of fake gold bars concealed by him, Khan told the officials that these bars were used to lure prospective investors. "If I had so many gold bars with me, I would never have planned to flee," he said. He even converted the ornaments he bought into gold bars. He has claimed to have repaid money to many customers but it is difficult to believe this claim, sources stated.

In all likelihood, Khan would have bought gold in the black market and sold it there. Therefore, the authorities are finding it hard to assess the value of gold bought and sold by him. Unless the investigation is completed and Khan reveals all his dealings, the officials said, it would be hard to conclude the actual quantum of black market business he had dealt with.