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Ponzi scam mastermind detained by Indian police

NEW DELHI: An influential businessman was arrested by Indian police Friday over a half-billion dollar Ponzi scheme that allegedly defrauded tens of thousands of mostly-Muslim investors.

Mohammed Mansoor Khan was detained at New Delhi airport upon his return from Dubai, where he had fled last month after winding up his scandal-hit company.

Khan founded I Monetary Advisory (IMA) Group in Bangalore in 2006 and lured over 100,000 backers with promises of lucrative returns that kept to Islamic principles of finance. More than 20 people, including high-profile Karnataka state government officials, have been arrested after the alleged scam raked up 40 billion rupees ($580 million). – AFP

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