Government Moves to Compensate IMA Ponzi Scam Victims; Relief in Sight: Karnataka Plans Asset Auction for IMA Victims
High-Level Meeting at Vikas Soudha Focuses on Relief Efforts
Bengaluru: In a bid to provide relief to investors affected by the I Monetary Advisory (IMA) Ponzi scheme, a crucial meeting was held at Vikas Soudha. Officials from the Revenue and Home Departments discussed strategies to expedite the compensation process and ensure justice for the victims.
Leaders Push for Urgent Action
The meeting was attended by Minister Zameer Ahmed Khan, Political Secretary to the Chief Minister Naseer Ahmed, and MLA Rizwan Arshad. Their presence highlighted the government’s commitment to addressing the financial distress of thousands of investors who lost their savings in the fraudulent scheme.
Understanding the IMA Ponzi Scheme
The IMA scam, which surfaced in 2019, involved a fraudulent investment scheme that lured thousands with promises of high returns. When the company collapsed, many investors were left without their life savings. The scam exposed significant regulatory lapses and led to multiple investigations. The Managing Director of IMA Mansoor Khan had accused former legislator Roshan Baig
The Central Bureau of Investigation filed a supplementary chargesheet before the designated court for CBI cases in Bengaluru against former Congress minister R. Roshan Baig, his firm Danish Publications, managing director of IMA Mohammed Mansoor Khan and other directors of the company in the multi crore I Monetary Advisory (IMA) Rs 4,000 crore ponzi scam..
According to the CBI, Baig had allegedly “received several crores of rupees from the IMA funds
for election expenditure. He was also utilizing the said funds for the day-to-day expenditure
including salaries of employees of his firm Danish Publications. It was also said that Baig spent the funds for various social and cultural activities in his constituency to increase his popularity.”
It is to be noted that the Enforcement Directorate (ED) raided properties belonging to former MLA R. Roshan Baig and Congress Minister B. Z. Zameer Ahmed Khan in connection with the ₹4,000 crore IMA scam, a Ponzi scheme in which thousands of investors were allegedly cheated in the name of halal investment that went bust in June 2019.
Government Plans for Compensation
Officials have announced plans to auction IMA’s assets, with proceeds directed toward compensating victims. The disbursement process is expected to begin soon, offering long-awaited relief to affected families.
Ongoing Efforts for Justice
The government is actively working to streamline the compensation process while also strengthening regulatory measures to prevent similar scams in the future. Authorities have assured investors that their concerns remain a top priority.
Quotes:
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“The government is committed to ensuring that every victim of the IMA scam receives justice. We are working on a swift and transparent compensation process.” – Minister Zameer Ahmed Khan
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“Thousands of innocent investors were deceived. It’s our responsibility to take urgent action and help them recover their hard-earned money.” – MLA Rizwan Arshad
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“The auction of IMA assets is a critical step toward repaying victims. We are determined to see this process through without delay.” – Political Secretary to CM, Naseer Ahmed
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“This is a hard lesson in financial fraud. Investors must remain vigilant and avoid schemes that promise unrealistic returns.” – Financial Analyst
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“For years, we have suffered due to this scam. We just want our money back and justice to be served.” – IMA Scam Victim
Background & Context:
The I Monetary Advisory (IMA) Ponzi scheme, which came to light in 2019, was a massive financial fraud affecting thousands of investors. The company lured individuals with promises of high returns on investments, only to collapse, leaving investors in distress. The scam prompted widespread protests, investigations, and legal action. The Karnataka government has since taken steps to recover assets and compensate victims, with a renewed focus on expediting the process.
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