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Nation Current Affairs 18 Jul 2019 IMA: Sell off seized ...

IMA: Sell off seized meds, says court

DECCAN CHRONICLE. | MUJAHID DEPUTY
Published Jul 18, 2019, 5:38 am IST
Updated Jul 18, 2019, 5:38 am IST
The SIT had approached the court requesting permission to dispose the medicines and consumables as they carry expiry date.
Special Investigation Team logo
 Special Investigation Team logo

Bengaluru: A local court on Wednesday directed the Drug Controller and Food and Civil Supplies authorities to dispose medicines and consumables seized from the medical outlets of scam-hit I Monetary Advisory (IMA) by the Special Investigation Team (SIT) probing the multi-crore investment scam.

The SIT had approached the court requesting permission to dispose the medicines and consumables as they carry expiry date. The officials had told the court that the medicines and consumables were worth crores and they can be recovered to pay off the cheated customers later.

 

"We had applied for permission from the court. It has directed the Drug Controller and Food and Civil Supplies authorities to dispose medicines and consumables respectively. The order may be typed and given to the authorities on Thursday," said S Girish, DCP (Crime), who is also part of the SIT.

Following the fallout of IMA scam on June 10 in which over 40,000 investors were duped of over Rs 4,000 crore, the SIT has seized the two IMA jewellery showrooms in Shivajinagar and Jayanagar. The team also raided Frontline Pharma, medical outlets run by IMA group, across the city and seized medicines and electronic equipment worth crores.

 

"We can wait to dispose gold, silver, diamond, precious stones and electronic equipment seized from IMA jewellery showrooms and medical outlets. In case of medicines and consumables, we don't have that luxury as they carry expiry dates. If not disposed of in time, goods worth over crores will go waste," another SIT officer said.The SIT sleuths had conducted raids at Frontline Pharma in Shanthi Nagar, BTM Layout, Jayanagar, Neelasandra, Vijayanagar, HSR Layout, Malleswaram, Yeshwanthpur, Queen's Road, Seppings Road, Vasanth Nagar and MM Road in Pulakeshi Nagar.

 

The IMA group had about 22 Frontline Pharma medical outlets offering medicines at 20 percent discount. According DCP Girish, the total seized medicines are approximately worth Rs 4.5 crore, while the consumables are worth Rs 2 crore.

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