IMA scam: No hope of compensation for Investors

Bengaluru: It is a delusion that 56,000 people who have invested more than 1 lakh in the I Monetary Advisory (IMA) scam will get compensation. If the amount of IMA assets detected by the competent authority formed to provide compensation to the victims of the IMA scam which made a lot of noise across the state is calculated, it will be difficult to return the principal money of investors worth millions of rupees. 8,500 customers who have invested less than Rs 50,000 have received a full refund. However, even after 4 years of fraud, 56,000 people who have invested more than Rs 1 lakh have not received the money. 85% of the deprived people spend their days hoping to get real money. However, the treasury of the competent authorities are nil.

The Enforcement Directorate (ED) has seized certain properties related to IMA which have been confiscated by the competent authority. The ED, which is under the Centre, has confiscated the property of the IMA under the criminal case and handed it over to the government. Gold, cars, furniture, cash belonging to IMA are in the custody of the competent authority. However, the ED has seized assets worth approximately Rs 150 crore, including high-priced shops, plots, plots and land. Thus it is difficult for ED to auction this property. After investigating the IMA case, the ED submitted a charge sheet to the court, after taking up the trial of the case, the matter was brought to the attention of the court and the competent authority tried to get the property confiscated by the ED.

IMA founder Mansoor Ali Khan has invested Rs 10 crore on land, plots in Delhi and Rs 6 crore on the industry in Uttar Pradesh. The competent authority has decided to sell the property after fixing the value in the presence of the government officials there. This process will take more time. It is known that the money invested in IMA has been spent in the name of Mansoor Ali Khan Trust. Suspicion of investing abroad has also been expressed.

In the Rs 1,400 crore IMA scam, only Rs 20 crore was distributed to the victims. Another Rs 1,380 crore is due to be returned. About 4,000 investors were deemed ineligible to receive the money due to various reasons, including failure to submit proper documents. Currently, the competent authority has submitted a report to the court after confiscating all movable and immovable property worth Rs 65 crore belonging to the IMA. The authority is waiting for the court’s permission to auction it and return the money to the victims.

The confiscated money will be distributed to the victims in a phased manner. The Court’s permission is required to auction the property of IMA which has recently been confiscated by the competent authority. In such a scam, it takes time for investors to get their money back, said Aditya Amlan Biswas, Competent Authority Officer, IMA.