The Karnataka authorities has determined to public sale the properties of I Financial Advisory (IMA) to compensate depositors who misplaced cash within the multi-crore-rupee ponzi scheme run by the corporate.
After a gathering on Monday, Income Minister Krishna Byre Gowda introduced that IMA’s belongings might be auctioned quickly based mostly on instructions issued by the Karnataka Excessive Courtroom.
The rip-off got here to gentle in 2019 after IMA stopped paying dividends to depositors, having beforehand provided buyers returns starting from 36-64 per cent on their investments. IMA founder Mohammed Mansoor Khan had attracted investments totalling Rs 3,213.58 crore by selling his schemes as being compliant with Islamic ideas.
A number of properties owned by IMA had been seized after the scheme was uncovered when it closed its places of work to clients in Might 2019. The estimated worth of movable belongings seized is Rs 106.92 crore, whereas immovable belongings are valued at Rs 401.92 crore, Gowda mentioned.
“Measures might be taken to compensate all depositors who misplaced cash within the rip-off forward of the Ramzan competition,” he added.
As many as 69,069 depositors had invested within the firm. Of the Rs 3,213.58 crore invested, IMA had paid round Rs 1,400 crore to depositors. After the rip-off was uncovered, 6,858 victims obtained a aid of Rs 50,000 every in April 2022. In November 2023, 53,142 victims obtained Rs 66.66 crore, whereas Rs 1.28 crore was distributed to 626 victims in Might 2024, and Rs 36.14 lakh was compensated to 276 victims in November 2024. Thus far, 60,902 victims have obtained Rs 87.43 crore, based on data shared through the assembly chaired by the minister.
The IMA rip-off rocked the state in 2019, resulting in the arrest of Khan and former minister Roshan Baig. A Particular Investigation Workforce fashioned to probe the case additionally arrested IAS officer B H Vijayshankar, the previous deputy commissioner of Bengaluru City district. S different officers and politicians had been additionally linked to the rip-off.
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