Bengaluru: The Special Investigation Team (SIT) probing the multi-crore IMA investment scam is mulling imposing the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, 2004, which is a state law.
The Act enables investigators to identify properties of the scam-hit company to be attached. This could pave the way for investors to recover at least a part of the amount they have invested in IMA. The IMA group Managing Director, Mohammad Mansoor Khan, who is absconding, reportedly owns a number of properties across the city that are worth several crores. According to sources, the value of these properties is `488 crore.
The Act, however, specifies that the power to attach properties still lies with the court.
The police have already seized the IMA office and jewellery showrooms for further investigation. During the investigation, the police have found the magnitude of the scam to be large and the number of complaints against IMA and Mansoor Khan has already neared 40,000.
The team is interrogating seven board of directors of IMA Nasir Hussain, Naveed Ahmed Nattamkar, Nizammuddin Azeemuddin, Wasim Arshad Khan, Afsar Pasah and Dadapeer, along with company auditor Iqbal Khan to learn about the transactions and assets of Mansoor Khan and IMA.
