As IMA Ponzi Victims Languish, Probe Authority Petitions Court for Substantial Operational Expenditures
Five years after the collapse of the I-Monetary Advisory (IMA) jewelery scheme shattered the financial futures of thousands, the official body tasked with securing justice and restitution now seeks judicial approval to allocate a significant portion of the realized assets towards its own administrative costs, even as aggrieved investors await the return of their decimated life savings.
Bengaluru – In a move that has incensed the beleaguered victims of the colossal IMA Ponzi scheme, the Special Officer & Competent Authority (SPLOCA) has submitted a detailed petition to the XCI Additional City Civil & Sessions Judge, seeking authorization to expend approximately two percent of the total money recovered thus far on a litany of operational expenses. This development stands in stark juxtaposition to the protracted and agonizing wait endured by investors, many of whom have received only paltry refunds against their monumental losses.
The IMA scandal, one of Karnataka’s most egregious financial frauds, duped countless individuals with promises of extravagant returns on Islamic investments. The subsequent investigation, now helmed by central agencies like the CBI and the Enforcement Directorate (ED), has been a protracted affair, with the competent authority playing a pivotal role in asset liquidation and claim processing.
A Catalogue of Costs: Scrutinizing the Expenditure Proposal
The authority’s petition, a document obtained for this report, delineates a comprehensive and substantial budgetary request. It seeks a court grant to cover a spectrum of activities, framing them as indispensable for the efficacious execution of its mandate.
Foremost among the requests is an annual allocation of Rs. 10 lakh to facilitate coordination meetings with a consortium of agencies, including the CBI, ED, and RBI. Furthermore, the authority has petitioned for a generous Rs. 25 lakh per annum to cover the printing of myriad documents, from claim application forms to auction certificates.
The proposed expenditures extend to more quotidian items: Rs. 5 lakh for the annual procurement of newspapers, journals, and books, and an additional Rs. 2.5 lakh to cover postage, particularly for Registered Post A.D. services required for dispatching legal summons and notices to respondents across India and abroad.
The petition also details costs for the maintenance and repair of movable properties, including vehicles and electronic equipment. It further underscores “special expenses” incurred in the complex process of asset realization, such as testing the purity of seized gold and precious stones, conducting spot auctions of perishable goods, storage fees for valuables, and even the fumigation of seized buildings and the restoration of disconnected utilities.
A Chorus of Despair: Victims Decry the Bureaucratic Machinery
For the hapless investors, this formalized request to divert recovered funds towards administrative overhead is a profound affront, exacerbating their half-decade-long ordeal. Their testimonies paint a harrowing picture of financial ruin and shattered trust.
Jabeen, an investor who entrusted Rs. 5 lakh to IMA, made a fervent appeal. “I appeal to the state government and competent authority to complete the investigation and ensure all the investors get their hard-earned money invested in the IMA,” he implored.
The anguish is palpable in the account of Mohammed Taj, who saw his life’s savings evaporate. “I got just pennies of the huge amounts I invested in lakhs so far. I invested all my savings in the IMA expecting good returns but I lost everything. I am in dire need of money,” he lamented, his words echoing the desperation of countless others.
The human cost of the scam extends beyond mere financial loss. Balkees Begum and Jabeen, both of whom invested substantial sums, now find themselves in dire straits. “I am finding it difficult to make ends meet. I lost my father recently. I have no other means. It will be a great help for me if the government helps me to get back my money,” Jabeen stated, her plea underscoring the profound personal crises catalyzed by the fraud.
Farooq Ahmed from Kalaburagi, who suffered a staggering loss of Rs. 99 lakh, demanded expediency from the authorities. “I got Rs 5.60 lakh till date. I invested all my savings in the IMA expecting good returns but I lost everything. I am in dire need of money,” he reiterated, a sentiment that has become a grim refrain among the victims.
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A Glimmer of Hope Amidst Institutional Imperatives
While the competent authority’s expenditure proposal is presented as a necessary component of a complex legal and financial recovery process, its perception among the defrauded is one of bureaucratic profligacy. The central, condemnable irony remains: while the architects of this brazen swindle face the full force of the law, those who placed their faith in them are forced to watch as the machinery of justice incurs its own substantial costs.
The path forward demands a delicate equilibrium. The investigation and asset liquidation must be robustly funded to ensure their ultimate success. However, the authorities must also operate with unwavering transparency and alacrity, recognizing that every rupee spent on process is a rupee delayed for the victims. For the thousands still waiting for restitution, the resolution of this sordid affair cannot come soon enough, and their confidence in the system hinges on a swift and just conclusion that prioritizes their plight above all else.
Key Quotes
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“I got just pennies of the huge amounts I invested… I am in dire need of money.” — Mohammed Taj, scam victim
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“I appeal to the state government… to ensure all the investors get their hard-earned money back.” — Jabeen, investor/Victim
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“For the thousands still waiting, the resolution of this sordid affair cannot come soon enough.” — News Analysis
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“The authority’s request stands in stark juxtaposition to the protracted and agonizing wait endured by investors.” — Atif, Investor/Scam Victim
very interesting information! .