The authority investigating the multi-million dollar IMA fraud was allegedly defrauded by an investor who managed to take advantage of the overpayment and withdraw the amount despite his bank account being officially frozen.
Based on a complaint filed by Shirin Taj, Special Officer and Competent Authority, the Vidhana Soudha Police on Friday registered an FIR against Nihal Azhar, a resident of T. Narsipur, Mysuru, accusing him of cheating.
According to the complaint, the authority started the process of paying depositors based on the fair principle of paying money regardless of the amount of their investment from the seizure of movable and immovable property belonging to the IMA and the money obtained through auctioning.
However, the authority allegedly recalculated and transferred a total of ₹1.49 lakh to Azhar, which was later found to be in excess of his actual deposit.
The authority realized the mistake and informed Azhar to return the amount. Even after a partial unfreezing order was issued on the suspect’s account, he allegedly transferred the funds to multiple accounts through UPI to avoid receiving the fraudulent amount.
Officials said the movements of these funds indicated deliberate attempts to divert the proceeds of crime.
Published – 01 Dec 2025 21:14 IST
