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IMA Ponzi Scam Depositors Can File Claims In 1-Month Window From Nov 25

Depositors of the Rs4,000-crore IMA Ponzi rip-off can file claims for a month beginning November 25. (File)


There’s lastly some excellent news for hundreds of depositors caught within the Rs4,000-crore IMA Ponzi rip-off. Starting November 25, they’ve a one-month window to assert the cash they misplaced to I Monetary Advisory (IMA) Group, authorities stated.

“We are inviting claim applications from the depositors of IMA. Applications can be submitted for a month starting November 25. Any claim application received after December 24 will not be acceptable. Applications can be submitted online, or people can submit their applications at Bangalore One or Karnataka One help centres,” Harsh Gupta, Special Officer and Competent Authority within the IMA case, stated.

Special Officer Gupta expects an enormous variety of functions to method the authority between November 25 and December 24.

“We are expecting about 75,000 to 1 lakh claims. Our audit shows that Rs2,900 crore is the unpaid principal amount. And if we submit the returns the depositors have already got, around Rs1,400 crores is the likely claim amount,” he stated.

The Ponzi rip-off associated to the Bengaluru-headquartered IMA Group got here to gentle in June 2019 after funds stopped to its dream-return schemes, pitched as complying with Islamic guidelines of funding. Simultaneously, the founder Mansoor Khan disappeared overseas, leaving hundreds of buyers within the lurch. He was arrested a month later.

Though the properties of these allegedly concerned within the IMA Ponzi rip-off have been seized, it is going to be some time earlier than their public sale is authorised. This means a wait of a number of months earlier than buyers can see their cash once more.


“Till now, we have attached property worth Rs475 crore. It will take at least six months for the court to confirm the attachment and for us to auction and realise the money. There may be an appeal also… I foresee roughly 5 to 6 months,” Mr Gupta stated.

The officer additionally launched an inventory of guidelines for submitting claims.

“Depositors can file their claim using Aadhaar card number or transaction details from non-IMA bank account after transferring Re.1 to the account of the claim settlement body. No more documents would be needed for those with active IMA accounts. Else, documents with details of scheme they enrolled for would have to be shared, rules stated,” guidelines listed by the claims’ authority said.

If the quantity claimed tallies with IMA information, depositors needn’t give any receipts of deposits both, the press be aware states sharing helpline particulars for full checklist of guidelines.

For queries, depositors can name on 08046885959 between 8am and 8pm, or electronic mail, WhatsApp 7975568880, or go to the web site

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