Bengaluru: Sweet news awaits around 53,100 investors of I Monetary Advisory (IMA) an Indian investment company, (established in 2008 and closed down in 2019) with headquarters in Bangalore. Its collapse was one in a long line of similar collapses over the preceding few years, of companies purporting to be Islamic banking companies, with investors in India and the United Arab Emirates, that investigating authorities afterwards stated to have been ponzi schemes, like the Hyderabad- based Heera Group, as Wikipedia notes.
The Special Officer of the Competent Authority of IMA, Amlan Aditya Biswas is initiating an auction process of assets worth hundreds of crores belonging to the confiscated IMA. Around 59,000 depositors who had invested money in IMA had applied to it for compensation. Out of this, 5,900 depositors who invested Rs 50,000 and less have already been refunded the entire amount. The entire gold jewellery has been returned to customers who had pledged gold.
However, 53,100 depositors who have invested between Rs one lakh and Rs 60 lakh will be refunded in a phased manner after the auction process of the confiscated IMA properties is over. Biswas said that the investment money will be returned to the depositors soon.
The Competent Authority is busy in confiscating the properties belonging to IMA founder Mansoor Khan and the organisation and auctioning them to return them to the defrauded people.
Right now, work is going on to identify properties of Roshan Baig, a…
