BENGALURU: IMA Jewels, the head office of I Monetary Advisory (IMA), which ran a multi-crore ponzi scheme and allegedly cheated thousands of investors in the name of ‘halal’ investment, is now the property of the Meghalaya government.
The Competent Authority (IMA), which is entrusted the responsibility of returning people’s investments and has the powers to seize and attach the properties of promoters of such firms to facilitate liquidation, had attached the prime property (IMA Jewels) on Lady Curzon Road in Shivajinagar. Recently, it had auctioned the property and on November 3, the property was registered in the name of the Meghalaya government.
Regional Commissioner of Bengaluru division, Amlan Aditya Biswas, who is also the Special Officer and Competent Authority (IMA), confirmed the development. He said the process of settling the claims of investors according to norms, is on.
The authority sold through auction the 50x100sqft site, which has a five-floor building on 5,841sqft area, to the Meghalaya government.
The place will be used as a Meghalaya government office and provide accommodation to its students and residents who visit the city.
Building to be named as Meghalaya House: Official
“The premises were provisionally attached by the Government of Karnataka under the provisions of Section 3 of the Karnataka Protection of Interest of Depositors in Financial Establishments Act-2004 in 2022. Since the building became government property through a Special Court order, an evaluation was completed.
The state government placed it under auction, and the Meghalaya government came forward. On November 2, Donald D Pyngrope, undersecretary, General Administration Department to the Government Of Meghalaya, arrived in Karnataka, and on November 3, the property registration process was completed. The building will be named Meghalaya House,” said a senior official. The property was sold for Rs 28,15,52,079, he added.
The amount accrued from the property will be given to investors, based on seniority and deposited amount.
Meghalaya Chief Minister Conrad K Sangma told TNIE that this is a very important development. He contended that a large number of students and state residents working in Bengaluru.
“I am happy that something like this is coming. This will be a very good place for our students and residents, and will help them during difficult times,” he said.