HYDERABAD: Three petitions were filed in the Telangana High Court seeking direction to the Crime Investigation Department (CID) to register cases and take action against the promoters and directors of ‘I Monetary Advisory’ (IMA), an investment firm, who allegedly duped people to the tune of Rs 5,000 crore.
The petitioners have claimed that the money collected by I Monetary Advisory was in violation of the Telangana Depositors’ Protection Act.
When the matter came up for hearing on Friday, Justice A Rajasekher Reddy directed the petitioners - retired government employee Mirza Jaweed Baig, private employee Syed Mohammad Hyder and a teacher Waseem Mudassir, who had invested in the firm, to first approach the CID. The case hearing was adjourned to August 2.
The scam involves collection of about Rs 5,000 crore from the public.