The SIT on Thursday arrested a man propagating for I Monetary Advisory (IMA) Jewels and its founder Mansoor Khan who is accused of perpetrating financial fraud worth crores.
"The arrested identified as 42-year-old running Umar Shariff ran a school by name "Al Basheer" off Bannerghatta Road. He is a social activist and educationist," said S Girish, DCP (Crime).
Shariff took Rs 60 lakh in cash and an Ashok Leyland van worth Rs 15 lakh allegedly in exchange for propagating for IMA and Mansoor Khan, Girish said.
SIT has sent Shariff to police custody till July 22.
On July 15, Khan had released a video contending that he would come back to India within 24 hours.
"I am not keeping well. I need to get a cardiac operation immediately. There are three blockages that have to be operated upon. The major problem is that I cannot afford the medical expenditure here. With the blessings of Allah, I will come to India in another 24 hours on my own will. I have all trust in the Indian judiciary," said Khan in the video.
IMA Jewels is embroiled in a case where the firm had allegedly cheated a large number of investors, mostly Muslims, after promising them impressive returns on their deposits.
Khan, promoter of IMA Jewels and prime accused in Ponzi scheme case, is under investigation for duping 40,000 investors in the state. He had claimed that he paid Rs 400 crore to Congress' Roshan Baig which the latter was not returning.
( With inputs from ANI )