BENGALURU: Nearly 3,600 victims of I-Monetary Advisory (IMA) scam on Tuesday received Rs 50,000 each which was transferred directly into their bank accounts. Over Rs 13.2 crore was disbursed to the small investors.
This is the second time that the depositors are getting part of their money back; on an earlier occasion, the special officer and competent authority Harsh Gupta had released Rs 5.5 crore and settled dues with regard to 3,470 claims. So far, the authority has released Rs 18.8 crore to 6,800 claimants.
Fraser Town resident Mohammed Farhan said: “My elder brother had invested Rs 2 lakh in IMA and we thought we lost everything after the scam came to light in mid-2019. We are thankful to the court and the officials who are making this happen.”
The authority had received around 69,000 claim applications to the tune of 2,600 crore. But as the IMA groups’ seized assets were less than the claims, the special court had ordered for settlement of dues by deducting the returns on investments already received by the depositors. The total dues were added to Rs 1,260 crore, which were much higher compared to the available attached assets of Rs 400 crore. Taking cognisance of this, the special court said the dues of those who had deposited up to Rs 2 lakh and whose dues are less than Rs 50,000 should be settled on priority.
The court on March 7 confirmed provisional attachment of properties and passed orders that covered immovable properties adding to Rs 105 crore and…
This is the second time that the depositors are getting part of their money back; on an earlier occasion, the special officer and competent authority Harsh Gupta had released Rs 5.5 crore and settled dues with regard to 3,470 claims. So far, the authority has released Rs 18.8 crore to 6,800 claimants.
Fraser Town resident Mohammed Farhan said: “My elder brother had invested Rs 2 lakh in IMA and we thought we lost everything after the scam came to light in mid-2019. We are thankful to the court and the officials who are making this happen.”
The authority had received around 69,000 claim applications to the tune of 2,600 crore. But as the IMA groups’ seized assets were less than the claims, the special court had ordered for settlement of dues by deducting the returns on investments already received by the depositors. The total dues were added to Rs 1,260 crore, which were much higher compared to the available attached assets of Rs 400 crore. Taking cognisance of this, the special court said the dues of those who had deposited up to Rs 2 lakh and whose dues are less than Rs 50,000 should be settled on priority.
The court on March 7 confirmed provisional attachment of properties and passed orders that covered immovable properties adding to Rs 105 crore and…
