Refunds begin today for investors scammed by IMA

Authority set up to oversee claims is making bank transfers from the Rs 6.5 crore now available for disbursal

Property seized from an IAS officer is adding to the pool from which investors in IMA schemes are getting refunds.

The online claim submission process for those who lost their money in the IMA scam closed on January 3.

According to Harsh Gupta, IAS officer designated IMA special officer and competent authority, claims payable add up to Rs 2,695 crore. “The number of claimants shows that the process is 100 per cent complete,” he told Metrolife.

A total of 65,358 people have sought refunds. Those who missed the online deadline can still submit applications with reason at the office of the Competent Authority located on KH Road, Shantinagar or approach the court directly. After the IMA (I Monetary Advisory) went bust, the government attached properties worth Rs 475 crore. A special court has completed the formalities in respect of properties worth Rs 6.5 crore. “We will not wait for the full amount to come to us. We will start paying out from the Rs 6.5 crore available. The first instalment will go through NEFT to the depositors’ bank accounts from March 12,” says Harsh Gupta.

Payouts received by the depositors are adjusted against the total payable to them. “The net amount payable comes to Rs 1,372 crore. In fact, 10,201 depositors have no payable amount,” he explains. A total of 11,492 depositors get less than Rs 50,000, and their dues can be fully settled with Rs 32 crore.

Cash worth Rs 2.5 crore, belonging to deputy commissioner Vijay Shankar, IAS officer who allegedly committed suicide when his role in the scam came to light, have been attached. He had allegedly taken this amount as a bribe, says Harsh Gupta.

The properties of assistant commissioner L C Nagaraj and village accountant Manjunath, who allegedly acted as a conduit for Nagaraj, have also been attached, according to Harsh Gupta. He said an investigation was in progress into the role of IPS officers Ajay Hilori and Hemant Nimbalkar, also named in the scam.

What’s happening

A maximum of Rs 50,000 will be transferred to all eligible claimants.

This is calculated after adjusting payouts and profits received by claimants.

Those requiring additional authentication can be done online at imaclaims.karnataka.gov.in or at service kiosks like Bangalore One and Karnataka One.

Rs 50,000 is an initial settlement. As and when more money becomes available with the Competent Authority, depositors get more.

Claimants get a notification on their phones when the money is transferred.

The applicants can check the status of their claims at imaclaims.karnataka.gov.in

What scam is all about

I Monetary Advisory was founded in Bengaluru in 2013. It ran a host of businesses, covering pharma, jewellery and real estate, and was suspected to be a Ponzi scheme. IMA presented itself as an Islamic banking company, and lured thousands of Muslims, describing them as partners rather than depositors. In 2019, the company stopped making payments, and closed down, leaving thousands in the lurch. The government-appointed IAS officer Harsh Gupta to refund investors from property seized from the company. Its promoter Mansoor Khan is out on bail.

Contact

Queries about IMA refunds? Call Competent Authority on 080 4688 5959 or email [e-mail].