IMA scam victims to get partial refund from March 12

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.