IMA Jewels fraud: 60 victims in Hassan

More than 60 persons, including contractors and industrialists, from Hassan city, Belur and Holenarsipur have invested more than Rs 8 crore in I Monetary Advisory (IMA) Jewels in Shivajinagar, Bengaluru.

Most of the investors are from the middle-income group and have invested lakhs of rupees in the company that had promised them a higher rate of interest. The investment ranges from Rs 1 lakh to Rs 30 lakh.

The IMA company had purchased 30 guntas of land at a cost of Rs 5 crore near Tanneruhalla, opposite Lalitha Manjunath Kalyana Mantap in Hassan city, two years ago. The company had installed its board and had also planned to build apartments on the site.

Parvez, a resident of KHB Colony, said he had invested Rs 30 lakh four years ago. "I have not received any dividend in the last two months. I don’t know what to do. I will lodge a complaint with the Bengaluru police on Wednesday,” he said.

Prakash, another investor, said he had invested Rs 2 lakh trusting the company and was receiving 3% interest every month. He hoped of getting the money back as the police have registered a complaint against the company.