IMA scam: Value of properties is one-third of outstanding claims


The value of movable and immovable properties attached in connection with the I-Monetary Advisory (IMA) scam, 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.


I Monetary Advisory (IMA

  • IMA was an Indian investment company,[1][2] with headquarters in Bangalore
  • Its collapse was one in a long line of similar collapses over the preceding few years, of companies purporting to be Islamic banking companies, with investors in India and the United Arab Emirates, that investigating authorities afterwards stated to have been Ponzi schemes, including: Heera Group; Morgenall, Capital Plus, and Capital Infrastructure (all collapsed in 2018); Injaz International, Ajmera, Aleef, Aala Ventures, Ambidant, and Burraqh; and Sunfeast Infotech, SpeakAsia, MMA Forex, Gold AE, Ferryland Tourism, UT Markets and Exential Group. 
  • Total losses to investors over 14 such companies have been conservatively estimated at 5,000 crore (US$700 million) with the loss due to IMA alone estimated at 2,500 crore (US$350 million).
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