A group of investors, who have lost their hard-earned money in the scam of I-Monetary Advisory (IMA) Group of companies, have moved the High Court of Karnataka seeking the court’s monitoring of the functioning of the Competent Authority (CA), appointed by the State government under the Karnataka Protection of Interests of Depositors in Financial Establishments (KPIDFE) Act, for IMA scam case.
Justice K.V. Aravind, before whom the petition was filed by Rehana Khyser Shariff and three others from Bengaluru, recently ordered issue notice to the government and the CA while adjourning further hearing on the petition.
In the petition, filed through advocate Rohan Kothari, the petitioners have contended that the CA is working without any other authority or institution seeking its accountability. Monitoring by the court is essential as the victim-investors were not getting any proper updates from the CA despite efforts made by the affected investors of IMA companies by forming a society, namely Integrated Welfare Association, for taking up the causes of the victim-investors, it has been alleged in the petition.
