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Assets of ponzi firm to be seized: IRS officer

 The noose around the I Monetary Advisory (IMA) scheme is tightening with the Central revenue agencies stepping in to examine the violations that fall under their jurisdiction.

Published: 22nd June 2019 06:34 AM  |   Last Updated: 22nd June 2019 06:34 AM   |  A+A-

IMA scam

Family investors seen outside IMA Jewels at Shivajinagar in Bengaluru. (Photo | Pandarinath B, EPS)

Express News Service

BENGALURU:  The noose around the I Monetary Advisory (IMA) scheme is tightening with the Central revenue agencies stepping in to examine the violations that fall under their jurisdiction. “The IMA assets are being verified wherever they are located and these will be provisionally attached,” said a senior IRS officer.

The scam is estimated to be around Rs 2,000 crore as per preliminary investigation by the Special Investigation Team, which has been constituted to unearth the multi-crore scam. IMA has been under surveillance in the past four years.

In 2017, the Directorate of Income Tax (Investigation) (DGIT), Karnataka & Goa had conducted search and seizure operations at various showrooms of IMA in the state and the residential premises of its now absconding Managing Director Mohammed Mansoor Khan and other directors. 

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