IMA scam: Victims will receive compensation before Ramzan, says Krishna Byre Gowda
The Hindu
Revenue Minister Krishna Byre Gowda has stated that all depositors who lost their money in the multi-crore IMA (I Monetary Advisory) scam will receive their due compensation before Ramzan began.
Revenue Minister Krishna Byre Gowda has stated that all depositors who lost their money in the multi-crore IMA (I Monetary Advisory) scam will receive their due compensation before Ramzan began.
A discussion was held on Monday regarding the total amount involved in the IMA scam, the value of movable and immovable assets seized so far, the amount refunded to victims over the past seven years, and the timeline and method for compensating the remaining victims.
Over 1,00,000 depositors had invested ₹3,213.58 crore in IMA in hopes of doubling their money, but they were defrauded. The total number of depositors was 69,069, out of which ₹1,400 crore had been returned as dividends from time to time. After the scam came to light, ₹19.12 crore from the company’s accounts was distributed to 6,858 victims at ₹50,000 per person in April 2022, as per the orders of a special court.
On November 8, 2023, ₹66.66 crore was credited to 53,142 victims’ accounts. On May 23, 2024, ₹1.28 crore was credited to 626 victims’ accounts, according to an official release.
On November 7, 2024, ₹36.14 lakh was credited to 276 victims’ accounts. In total, ₹87.43 crore has been credited to the accounts of 60,902 victims so far.
The government has already seized more than 10 properties linked to IMA, with movable assets valued at ₹106.92 crore and immovable assets estimated at ₹401.92 crore. Additionally, ₹2.88 crore was seized from various company bank accounts, along with ₹11.72 crore in cash and ₹11.06 crore in investment certificates, bringing the total seized amount to ₹534.5 crore. Minister Krishna Byre Gowda stated that, following the directive of Justice Nagaprasanna’s bench, these assets will soon be auctioned, and the proceeds will be distributed to investors.
The meeting was attended by Minister Zameer Ahmed, MLA Rizwan Arshad, Chief Minister’s Political Secretary Naseer Ahmed, and several victims of the IMA scam. Minister Krishna Byre Gowda assured the victims that steps would be taken to distribute compensation based on the proportion of their investments at least ten days before Ramzan.
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