Thousands of fake gold biscuits seized from IMA

BENGALURU: All that glitters is not gold. This holds good for the I Monetary Advisory (IMA) too, where State Revenue Department officials seized fake gold. This was revealed by Revenue Minister R Ashoka.

The seizure report says the revenue department official seized 5,880 fake gold biscuits, which weighs close to 303.07kg. On these biscuits, it has embossed MMTC PAMP GOLD 999. The value of these biscuits is just Rs 1.5 lakh.

The state government has also seized IMA properties - both movable and non-movable. Speaking to the reporters on Wednesday, Ashoka said there are 12 properties in Bruhat Bengaluru Mahanagara Palike (BBMP) limits which has been confiscated. The properties are worth Rs 21.73 crore.

According to the documents available with The New Indian Express, they have seized five high-end cars including a Fortuner, Innova Cresta and Honda Jazz, all worth almost Rs 60 lakh. A senior official from the department said this is the second set of attachment order by the Revenue Department. The same will be produced before the session court. It will hear the IMA and pass an order for auction. Till then the properties cannot be auctioned.

The Enforcement Directorate in Bengaluru has expedited investigation in the IMA Ponzi scheme scam and ordered for the first set of attachment of immovable assets of IMA in Karnataka under the Prevention of Money Laundering Act, 2002.