IMA scam accused challenges property attachment

Mohammed Mansoor Khan, the main accused in the I Monetary Advisory (IMA) scam, has moved the High Court against a special court order allowing an application filed by the Competent Authority under the Karnataka Protection of Interest of Depositors (KPID) Act to attach properties/assets.

The appeal challenges the order to attach a property on Bannerghatta Road. A division bench headed by Justice Alok Aradhe ordered notice to the Competent Authority for the IMA group of companies and adjourned the hearing.

Challenging the common order of the special court dated March 7, 2022, Khan contended that the court failed to investigate or valuate the properties and allowed the application by the Competent Authority.

Among the properties, the challenge has been made to the attachment of 3,700 sq ft residential apartments situated at Tilak Nagar on Bannerghatta Road. It was claimed the special court has erroneously termed the investments as deposits.

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