Countdown to Justice: IMA Ponzi Scheme Victims to Receive Compensation

Karnataka Revenue Minister Krishna Byre Gowda has assured victims of the IMA ponzi scheme compensation before Ramzan. Over one lakh investors were defrauded, with Rs 87.43 crore already credited to 60,902 victims. The government is seizing and auctioning assets to compensate victims more comprehensively.

In a significant development, Karnataka Revenue Minister Krishna Byre Gowda pledged that victims of the notorious IMA ponzi scheme will receive compensation just days before the Ramzan festival. This assurance came during a pivotal meeting at Vikas Soudha, focusing on the scam's financial scope and plans to reimburse remaining victims.

The IMA scheme defrauded over a lakh investors, mainly Muslims, who had hoped to double their money but were left with losses. So far, Rs 87.43 crore has been credited to 60,902 victims. Authorities have seized movable and immovable assets worth Rs 534.5 crore linked to the scam, with plans to auction these assets under High Court directives.

The investigation revealed a network of operators, including IMA's Mohammed Mansoor Khan, who fled to Dubai, citing corruption as a reason. He was later arrested and is in custody. The Karnataka government has pursued justice vigorously, involving the CBI, leading to multiple arrests including a former MLA, reflecting the scam's extensive reach.