March 29, 2024
Bengaluru: Mohammed Mansoor Khan, main accused in the multi-crore IMA scam, moved the high court challenging an order attaching his personal property in south Bengaluru.
A division bench headed by justice Alok Aradhe ordered notice to the competent authority for IMA group of companies and I Monetary Advisory and adjourned the hearing.
Khan challenged the March 7 common order passed by a special court constituted under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, relating to confirming the attachment of a 3,700 sqft apartment at Bannerghatta Road Layout, Tilaknagar. According to Khan, the special court hadn’t undertaken any investigation or valuation exercise vis-a-vis the properties and blindly accepted the competent authority’s plea. He further claimed the special court had erroneously described the investments as deposits.
The special court, which had attached various properties of Khan on August 6, 2019, made them ‘absolute’ through a common order. The competent authority was directed to collect money available in bank deposits and take steps for realization of the value of the immovable properties and distribute the same to depositors.

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