Delay in IMA scam compensation as ED withholds Rs 200 Cr immovable assets

Team Udayavani, Dec 28, 2023, 3:59 PM IST

The Enforcement Directorate (ED) has caused a setback in the distribution of valuable immovable properties worth Rs 200 crore belonging to I Monetary Advisory (IMA), hindering the process of providing full compensation to victims. The Competent Authority, responsible for overseeing the distribution, faces challenges as the ED insists on withholding the assets until the completion of their investigation and the submission of a charge sheet.

The IMA scam, which duped over 55,000 individuals of Rs 1,400 crore through enticing high dividends, has left victims uncertain about receiving immediate compensation. The Competent Authority has taken control of IMA’s total assets, including immovable properties like luxury plots, lands, and buildings valued at Rs 300 crore.

Both the ED and the Competent Authority have seized immovable properties of equivalent value, and plans were in place to auction them for compensation. However, the ED’s stance on retaining control until the conclusion of the investigation prolongs the process, leaving the allocation of the Rs 200 crore assets in limbo.

So far, the Competent Authority has managed to distribute Rs 90 crore to victims, sourced from the auction of cash, gold jewelry, vehicles, computers, and furniture seized from IMA. The distribution occurred in two phases, with Rs 19 crore allocated to 6,000 victims who invested less than Rs 50,000 in the first phase and Rs 66 crore distributed equally among 53,800 investors in the second phase. Additionally, Rs 3 crore was provided to 1,500 individuals with missing bank account records.

Speaking to Udayavani, Aditya Amlan Biswas, the Special Officer of IMA Competent Authority said that he has formally requested the ED to release the Rs 200 crore valuable property and the distribution of remaining assets would proceed promptly.

Pending confiscations in Uttar Pradesh and Delhi involve assets worth Rs 1.5 crore and 8 acres of land in Saharanpur, and a building worth Rs 26 lakh in Delhi, respectively. The whereabouts of the remaining confiscated Rs 300 crore remain unclear.

Notably, the CBI investigation implicated senior IPS officers Ajay Hilori and Hemant Nimbalkar in the IMA scam. However, a departmental inquiry has concluded without proving the charges.