The scam came to light in 2019 after IMA stopped paying dividends to depositors, having previously offered investors returns ranging from 36-64 per cent on their investments (Express Archives)The Karnataka government has decided to auction the properties of I Monetary Advisory (IMA) to compensate depositors who lost money in the multi-crore-rupee ponzi scheme run by the company.After a meeting on Monday, Revenue Minister Krishna Byre Gowda announced that IMA’s assets will be auctioned soon based on directions issued by the Karnataka High Court.The scam came to light in 2019 after IMA stopped paying dividends to depositors, having previously offered investors returns ranging from 36-64 per cent on their investments. IMA founder Mohammed Mansoor Khan had attracted investments totalling Rs 3,213.58 crore by promoting his schemes as being compliant with Islamic principles.Several properties owned by IMA were seized after the scheme was exposed when it closed its offices to customers in May 2019. The estimated value of movable assets seized is Rs 106.92 crore, while immovable assets are valued at Rs 401.92 crore, Gowda said.“Measures will be taken to compensate all depositors who lost money in the scam ahead of the Ramzan festival,” he added.As many as 69,069 depositors had invested in the company. Of the Rs 3,213.58 crore invested, IMA had paid around Rs 1,400 crore to depositors. After the scam was exposed, 6,858 victims received a relief of Rs 50,000 each in April 2022. In November 2023, 53,142 victims received Rs 66.66 crore, while Rs 1.28 crore was distributed to 626 victims in May 2024, and Rs 36.14 lakh was compensated to 276 victims in November 2024. To date, 60,902 victims have received Rs 87.43 crore, according to information shared during the meeting chaired by the minister.The IMA scam rocked the state in 2019, leading to the arrest of Khan and former minister Roshan Baig. A Special Investigation Team formed to probe the case also arrested IAS officer B H Vijayshankar, the former deputy commissioner of Bengaluru Urban district. S other officials and politicians were also linked to the scam.© The Indian Express Pvt LtdTags:IMA scamKarnataka government