Even after 4 years, only Rs 19 crores out of Rs 1,400 crore disbursed

Bengaluru: In the I Monetary Advisory(IMA) Rs 1,400 crore fraud case, only Rs 19 crore has been disbursed to the victims so far, and a total of Rs 1,381 crore is yet to be returned.

Most of the victims in the IMA fraud case, which made a huge noise at the national level, did not even get the actual money. After the formation of the competent authority, Rs 19 crore have been equally distributed to 6,000 victims who have invested less than Rs 50,000.

Even after 4 years have passed since the IMA fraud came to light, the victims are disappointed as they have not received the invested principal. Speaking to a media, Aditya Amlan Biswas, Special and Competent Officer of IMA Competent Authority said that the competent authority of IMA has realized this and has prepared to distribute Rs 75 crore to the victims soon.

The competent authority had confiscated various valuables including diamond jewelery worth Rs 55 crore, gold, Range Rover worth Rs 1.50 crore, various cars including Audi, valuable furniture belonging to IMA. A few days ago, the auction process was conducted and Rs 75 crore was collected. Now the authority has appealed to the special court to give permission to distribute this money. As per the law, the money will be distributed equally to the defrauded as per the permission of the court. However, it is a challenge to trace where the Rs 1,381 crore pending allocation has been invested.

In the name of IMA organization, there are about Rs 150 crores of immovable property across the country, which the competent authority has decided to confiscate. Knowing this fact, IMA chief Mansoor Ali Khan has brought a stay through the court saying that the Enforcement Directorate (ED) has the right to confiscate the property and the competent authority should not confiscate the property without informing the ED. This has made it difficult for the authority to confiscate the land, plots, school and other immovable property in the name of IMA. If the ED property is confiscated, it will go to the central government. If the same is confiscated by the competent authority, it will belong to the victim. The competent authority has moved to approach the court to allow the attachment of the immovable property.

Around Rs 2,900 crores from one lakh people were taken by IMA who promised huge dividends if they invest money with them. Of this, Rs 1,500 crore was returned to the victims. The IMA fraud case came to light when the refund of Rs 1,400 crore was pending. After this, a competent authority was formed to return the money to the victims of IMA. Competent authorities are engaged in the work of confiscating one by one the assets of the IMA organisation and conducting the auction process and distributing the proceeds to the victims.