Connect with us

Hi, what are you looking for?

News

IMA Scam: Online Claim Application Process From November 25

The online claim application process in the IMA case will be taken up from November 25 and December 24, the competent authority informed the high court on Wednesday.

The authority stated that depositors and investors can file the applications at KarnatakaOne, BangaloreOne and Seva Sindhu Kendras as well as online, adding that that the central government had recently approved the use of Aadhaar for authentication and verification of citizens, either investors or depositors, in the case.

The authority was appointed under the Karnataka Protection of Interest of Depositors in Financial Establishment (KPID) Act in the IMA scam and other cases.

A division bench headed by Chief Justice Abhay S Oka has directed the authority to widely publicise the online claim process in both English and Kannada newspapers. It also directed the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) to stipulate whether they are coordinating with each other in the probe. The hearing has been adjourned until December 9.

Over one lakh people had invested in IMA, which had floated 17 companies, including jewellery stores infrastructure and real estate development firm, pharmacies, supermarkets etc. The company promoted itself as a ‘Halal’ investment company and attracted a large number of investors from the city’s Muslim community. The company promised investors monthly returns on investments, which it said was ‘Shariah’ compliant.

The scam broke out on June 10, after the group’s Managing Director Mohammed Mansoor Khan, released an audio clip in which he purportedly threatened to commit suicide. In the audio, he had accused former MLA R Roshan Baig of extorting hundreds of crores for him, because of which his company had suffered losses.

Written By

Rushda Fathima Khan is the Staff Reporter for The Cognate.

You May Also Like

News

BJP’s Karnataka unit chief Nalin Kumar Kateel said that the Yediyurappa government might introduce a law against so-called “love jihad” in the next assembly...

News

The draconian anti-cattle slaughter law came into effect in Karnataka on Monday, with governor Vajubhai R Vala giving his assent to the bill, making...

News

The Karnataka government is planning to introduce SSLC equivalent certificates to madrasa students, in an attempt to bring-in formal education in madrasas in the state....

News

The draconian Karnataka Prevention of Slaughter and Preservation of Cattle Bill 2020 was passed in the Legislative Council on Monday following a voice vote,...