IMA rip-off: Value of attached properties is one-third of outstanding claims

The worth of movable and immovable properties attached in reference to the I-Monetary Advisory (IMA) rip-off, which is out there for public sale and settlement of claims by depositors, stands at ₹475 crore, solely a 3rd of the estimated outstanding claims of ₹1,400 crore.

Harsh Gupta, Special Officer and Competent Authority, IMA Scam, mentioned for the reason that firm had taken deposits and paid month-to-month returns by the banking system, making an estimate was straightforward. “We have carried out a forensic audit of all IMA accounts, according to which the total principal of the deposits collected from nearly one lakh investors is around ₹2,900 crore. Of this, IMA has paid returns of around ₹1,500 crore to depositors, which will get adjusted. That leaves the outstanding claims pegged at ₹1,400 crore,” Dr. Gupta mentioned.

The Special Court, which started listening to the case final week, will resolve on the system to settle the claims, provided that the worth of the properties attached is solely ₹475 crore, Dr. Gupta mentioned. “There are questions whether all depositors have to be paid proportionately, or if small depositors should be given priority,” he mentioned.

Several folks, principally early depositors, had already collected returns greater than their principal deposit earlier than IMA went kaput. This extra returns in contrast with the principal deposit quantities to round ₹400 crore. “Whether these excess returns have to be collected back from depositors, is a question that the court and the authorities will take a call on. Since their numbers are huge, there are issues of feasibility involved,” Dr. Gupta mentioned.

On the difficulty of when claims can be settled, Dr. Gupta drew a timeline of a minimum of six months, if no more. “The Special Court has to complete its trial and confirm the attachment of movable and immovable assets, which we hope will be completed in the next three months. Once that is done, we may take another three months to auction these assets and actualise their cost, to settle claims,” he mentioned.

However, the method is anticipated to take longer because the Special Court verdict is anticipated to be challenged within the greater courts, even when it confirms attachment of these belongings, sources mentioned.

Month-long window

Investors in IMA who’ve misplaced cash have to use for claimsbetween November 25 and December 24, 2020. No claims can be entertained past that, Harsh Gupta, Special Officer and Competent Authority, IMA Scam, mentioned.

The claims need to be submitted on-line. To weed out middlemen, this facility has additionally been made out there at BangaloreOne/KarnatakaOne and Atal Jana Snehi Kendras throughout the State, he added. The competent authority has carried out an audit of IMA books and has an inventory of depositors. If the small print given by the claimants match with these within the database, they needn’t submit any proof. However, if there is a discrepancy, claimants must submit receipts of their deposits. If the depositor is useless or hospitalised, a declare software could be filed by the nominee or authorized inheritor supported with all needed paperwork.

For extra particulars, go to imaclaims.karnataka.gov.in,

Call centre: 080-46885959, between 8 a.m. and eight p.m.

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