IMA scam victims to get partial refund from March 12
Team Udayavani, Mar 12, 2021, 10:46 AM IST
Bengaluru: Two years after the I-Monetary Advisory (IMA) scam was busted, victims will now get partial compensation starting from Friday, March 12. It is said that 3,500 of 11,492 depositors will get up to Rs 50,000 by Friday evening
As reported by Times of India, the authorities had confiscated properties worth Rs 475 crore, only Rs 6.5 crore was attached by the special court in the case and they have decided to pay 3,500 people first.
They need a total of Rs 32 crore to pay 11,492 victims who emerged as eligible for a payout up to Rs 50,000.
The multi-crore ponzi scheme run by Karnataka-based IMA and its group entities allegedly duped several people to the tune of Rs 4,000 crore promising higher returns using Islamic ways of investment
The scam came to light in June 2019 when the IMA operator Mohammed Mansoor Khan fled the country accusing Baig and some government officers of cheating him. Khan had alleged that Baig had taken about Rs 400 crore from him, a charge rejected outright by the latter.
CBI Recently charge-sheeted Karnataka government officials including IAS and IPS officers in connection with the case.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Frustration driving CM Siddaramaiah to speak against PM: Union Minister Shobha Karandlaje
BJP candidate K Sudhakar charged with bribery in Karnataka, Rs 4.8 crore cash confiscated
LS polls 2024: Nearly 13% voter turnout in first 2 hours of polling in Udupi-Chikmagalur Constituency
Cong will win majority of 14 seats facing elections in Karnataka, says Minister Parameshwara
Early Voting in Karnataka: 9.21% Turnout in 14 Constituencies
MUST WATCH
Latest Additions
7 intermediate students die by suicide after announcement of results in Telangana
2 Army personnel Injured, 2 terrorists neutralized in Baramulla gunfight
BJP’s Nadda accuses Congress of politicizing reservations for SCs and OBCs’
BJP’s Nadda accuses Congress of politicizing reservations for SCs and OBCs
6 people killed as wedding pandal catches fire in Bihar’s Darbhanga