Refunds begin for investors duped by IMA, after court order

Hameed Ashraf | NT

Bengaluru: Eligible investors who had lost their savings in the I Monetary Advisory (IMA) investment fraud, have started getting some of their funds credited into their bank accounts.

Based on a Court directive, the Competent Authority overseeing the disbursal of funds have started crediting the money directly to the bank accounts of the cheated investors from Wednesday, sources close to Authority told News Trail.

The Competent Authority has analysed the list of the eligible investors and have verified their bank account details before crediting the funds.

"The funds will be credited directly to the eligible investors' bank account in a phased manner. The share will be calculated and divided among the investors based on various factors including most and least affected ones," the officials said.

In February 2023, the Competent Authority conducted the e-auction process of the properties owned by Mohammed Mansoor Khan, the main accused in the case, and recovered Rs 68 crore which is now being divided among the investors.

Several affected customers who got a part of their funds back, thanked the authorities on Thursday.

"Thanks to the government and the authorities for returning our money. We hope to get the rest of the amount soon," said Waseem Pasha, a resident of Tannery Road in Bengaluru.

He received Rs 8,240 out of six lakh rupees that he had invested in the company. Like Pasha, thousands of gullible people, mostly Muslims, were motivated to invest in IMA by Mansoor who promised higher returns in the name of Halal investment.

According to sources more than 4000 people lost their hardearned savings after IMA went bankrupt in 2019. Soon after the scam came to light, the IMA chief Mansoor Khan was arrested by the Bengaluru police.

However he obtained a bail and absconded to Dubai. Speaking to News Trail, sources close to Competent Authority further said that the amount is being paid after calculating and adjusting the payouts or profits received by claimants from their respective principal amounts.

"All claimants will not be paid simultaneously and the settlement is being done as an ad hoc payment. The amount would be transferred as per the orders of the court," they said.

This is the second tranche of settlements for the IMA investors. The Competent Authority had earlier disbursed Rs 19.12 crore to 6,800 investors whose liability was less than Rs 50,000 in 2021.

"Further refunds will be initiated 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," the sources added.