The value of movable and immovable properties attached in connection with the I-Monetary Advisory (IMA) scam, which is available for auction and settlement of claims by depositors, stands at ₹475 crore, only a third of the estimated outstanding claims of ₹1,400 crore.
Harsh Gupta, Special Officer and Competent Authority, IMA Scam, said since the company had taken deposits and paid monthly returns through the banking system, making an estimate was easy. “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 said.
The Special Court, which began hearing the case last week, will decide on the formula to settle the claims, given that the value of the properties attached is only ₹475 crore, Dr. Gupta said. “There are questions whether all depositors have to be paid proportionately, or if small depositors should be given priority,” he said.
Several people, mostly early depositors, had already collected returns more than their principal deposit before IMA went kaput. This excess returns compared with the principal deposit amounts to around ₹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 said.
On the issue of when claims will be settled, Dr. Gupta drew a timeline of at least six months, if not 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 said.
However, the process is expected to take longer as the Special Court verdict is expected to be challenged in the higher courts, even if it confirms attachment of these assets, sources said.
Month-long window
Investors in IMA who have lost money have to apply for claimsbetween November 25 and December 24, 2020. No claims will be entertained beyond that, Harsh Gupta, Special Officer and Competent Authority, IMA Scam, said.
The claims have to be submitted online. To weed out middlemen, this facility has also been made available at BangaloreOne/KarnatakaOne and Atal Jana Snehi Kendras across the State, he added. The competent authority has conducted an audit of IMA books and has a list of depositors. If the details given by the claimants match with those in the database, they need not submit any proof. However, if there is a discrepancy, claimants need to submit receipts of their deposits. If the depositor is dead or hospitalised, a claim application can be filed by the nominee or legal heir supported with all necessary documents.
For more details, visit imaclaims.karnataka.gov.in,
Call centre: 080-46885959, between 8 a.m. and 8 p.m.
Post queries on WhatsApp: 7975568880
