IMA Episode Unraveled

Описание: Court has ordered competent authorities in IMA episode to disburse investor’s money accumulated through recovery within a stipulated time frame: Activist Arif Pasha
BANGALORE: The lone fighter and a volunteer Arif Pasha along with his 15 other associates in Bangalore have put in solid effort and a legal battle to recover the genuine investment made in IMA enterprise in Bangalore. It may be recalled that the IMA collapsed that had thousands of investors to its credit and domain. The enterprise collapsed due to vested interests and nexus involving political bigwigs that made IMA enter into bankruptcy, finally led to its forced collapse and its promoter Mansoor Ali Khan pleading for mercy from the investors and claimed that he had no intention to dupe the investors, cheat them or runaway from truth.
Ever since IMA collapsed, the enterprise got entangled in legal course, involving legal wrangles involving bureaucracy, courts, investigators and police that proved a herculean task for Arif and his team. Arif has been devoting considerable time, effort and money to spearhead the legal battle to get back returns to the investors who had invested hard earned money from length and breadth of India. The case under special court bearing number 770/2023 has been ordered to disburse 69.44 Crore which has accumulated after the performing assets belonging to IMA after planned auction under taken monitored by the competent authorities that needs to be distributed among those affected in a stipulated time frame.
Though the amount that is likely to offer only part payment as of now, yet it will offer some amount of relief from 69.44 Crore recovered from performing assets so far. In addition to it, there is a collateral assets of rupees 450 Crore as on record of immovable property. The current value of these assets could be around rupees 850 Crores by now which would be well enough to clear the dues to every investor on record. Arif says, “According to the competitive authorities before the court of law have presented a claim for a sum of 1280 cores, with minor variations into it.” Thanks to Arif, who along with 15 other associates under the ambit of Integrated Welfare Association, decided to spearhead a long legal course through a registered body under societies Act in 2019 seeking justice to investors.
Though the process was cumbersome as it had received threats from various quarters initially, Arif did not yield to any kind of pressure and persuaded his only mission to safeguard the interest of poverty ridden community come what may. Arif Pasha with support from his associates has been running from pillar to post interacting with legal counselors, advisors, courts and bureaucracy in his mission to recovery.
It may be noted that initially the it was senior IAS officer Harsh Gupta who had initiated a solid effort in doing much of the paper work, under whom nearly 19.1 Crore was disbursed, subsequently there was a change of guard by yet another senior IAS officer Amlan Aditya Biswas. “This led to undertake an effort to cumulative amount of 69.44 cores and the city civil court has directed the authorities to disburse the amount without much delay in a clear judgment under a fixed time frame. This is very much likely to be honored with by the bureaucracy.” says Arif.
Arif is not likely to stop at this; he would like to see that the IMA assets spread across the city could be auctioned in future which all are performing and non movable assets situated in the heart of the city. This is very much enough to clear cent percent amount to all the investors; he says “I am fully confident that the assets would be well enough to pay back every penny of the investors.”
It may be noted that IMA was dealing in bullion trading and was not a ponzy company as it was defamed by a section of media, politicians and vested interests. One thing is very much clear to destroy a performing enterprise it to provide enough to give room to political bureaucracy nexus to finish it to the core that is clearly visible in case of IMA which is before us.
Shivajinagar MLA Rizwan Arshad has provided much needed funds of rupees two lakhs in cash to pay for the legal fee and assured Arif and his team in Integrated Welfare Association and assured them to stand in solidarity whenever needed in fighting a legal battle through expert counsels and to provide justice to get back investors money and take it to a logical conclusion.