IMA scam: Investors to get back money from today

IMA scam: Investors to get back money from today

March 12, 2021

Investments made by Mysureans in Ponzi schemes cross Rs. 63 crore 

Bengaluru/Mysuru: Good news for thousands of investors who have lost their hard-earned money in IMA (I Monetary Advisory (IMA) Group of Companies) scam. More than a year- and-a-half after the scam came to light in 2019, investors can now look forward to getting their money back. 

Based on a Court directive, the Competent Authority overseeing the disbursal of funds will start crediting the money directly to the bank accounts of the cheated investors from today. The Competent Authority has announced that a maximum of up to Rs. 50,000 will be transferred to all eligible claimants.

Thousands of investors from across the State including Mysuru have been conned by the company. After the scam was unearthed, the Mysuru City Police had asked the cheated investors to file complaints and accordingly, in June 2019 alone, Police had received over 1,678 complaints from the victims of the blade company.  The estimated amount that was invested by Mysureans in the Ponzi schemes floated by IMA had crossed Rs.63 crore in June 2019. Later too, many people lodged complaints and the exact number of complaints filed from Mysuru is not known as yet.

Rs. 6.5 crore available now

Speaking to Star of Mysore this morning, IAS Officer Harsh Gupta, who is the designated IMA Special Officer and the Competent Authority, said that the Special Court hearing the case has completed the formalities with respect of properties worth Rs. 6.5 crore. Of the Rs. 475 crore worth properties provisionally attached till now by the Government, the Special Court has confirmed attachment of properties worth about Rs.6.5 crore.

 “We will start paying out from the Rs. 6.5 crore available and the first instalment will go through NEFT to the bank accounts from Mar. 12 (today), he said. The amount will be calculated after adjusting the pay-outs or profits received by claimants from their respective principal amounts, he added. 

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The Competent Authority will, however, not pay all claimants simultaneously. “We are starting with depositors who are having the least eligible amounts to be paid. Further amount would be transferred as per the orders of the Court as and when more amount becomes available with the Competent Authority after confirmation of attachment of IMA properties by the Court and sale of the same,” Harsh Gupta said. 

Total claim of Rs. 2,695.13 crore 

In February, the Competent Authority had told the Karnataka High Court that 65,258 claims had been received as against 69,099 accounts making a total claim of Rs. 2,695.13 crore. The Authority said that the first stage verifications of over 45,000 claimants has been completed. 

Those who have filed online claim application either through Aadhaar OTP authentication or through UTR number authentication will be eligible to receive the amount only after completion of additional authentication, the Court was told. 

How to check status

Applicants can check status of their claim verification and payment on  In the menu, click on ‘online claim information’ and select ‘know your claim status’. For any other queries, call centre can be contacted at 080-46885959 or email can be sent to: [email protected].


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