Eligible IMA investors to get refund up to ₹50,000 from today

Competent authority to start with depositors having the least eligible amounts to be paid

March 12, 2021 07:52 am | Updated 10:35 am IST

People who had invested in the IMA Group of companies submitting the details at Commercial Street police station in June 2019.

People who had invested in the IMA Group of companies submitting the details at Commercial Street police station in June 2019.

More than a year and a half after the I Monetary Advisory (IMA) Group of Companies investment fraud came to light in 2019, investors, who lost their savings, can look forward to getting some of their funds back. The competent authority overseeing the disbursal of funds announced on Thursday that a maximum of up to ₹50,000 will be transferred to all eligible claimants.

Payment to those who can be covered in the approximately ₹5 crore available with the competent authority will be made on March 12, said Harsh Gupta, special officer and competent authority for IMA case in a press release on Thursday. The amount will be calculated after adjusting the payouts or profits received by claimants from their respective principal amounts,

However, all claimants will not be paid simultaneously. The settlement is being done as an ad hoc payment, starting with depositors having the least eligible amounts to be paid. “Further amount would be transferred as per the orders of the court as and when more amount becomes available with the Competent Authority after confirmation of attachment of IMA properties by the court and sale of the same,” stated the press release.

In February, the competent authority had told the Karnataka High Court that 65,258 claims had been received as against 69,099 accounts making a total claim of ₹2,695.13 crore. In the status report submitted to the court, Gupta had said that the first stage verifications of around 45,000 claimants has been completed, and the remaining claimants would be verified within a month.

Those who have filed the online claim application either through Aadhaar OTP authentication or through UTR number authentication will be eligible to receive the amount only after completion of additional authentication.

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Check status

Applicants can check the status of their claim verification and payment on the website imaclaims.karanataka.gov.in. In the menu, click on ‘on-line claim information’’ and select ‘know your claim status’.

For queries, call 080-46885959 or send an email to splocaima20@gmail.com

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