The Competent Authority probing the multi-crore IMA scam has reportedly been cheated by an investor who managed to avail excess payout and withdraw the amount despite an official freeze on his bank account.
Based on the 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.Narasipur, Mysuru, charging him under cheating.
According to the complaint, the authority initiated the process to repay depositors under equitable principle of money disbursal irrespective of the size of their investment from the seizure of movable and immovable properties belonging to the IMA and the money got by auctioning it.
However, the authority reportedly miscalculated and transferred a total of ₹1.49 lakh to Azhar, which was later found to be an excess of his actual deposit.
The authority realised the mistake and communicated to Azhar to return the amount. Even after a partial unfreeze order was issued on the suspect’s account, he allegedly transferred funds to multiple accounts through UPI to evade recovery of the cheated amount.
Officials said the movements of these funds indicate deliberate attempts to divert proceeds of the crime.
Published – December 01, 2025 09:14 pm IST
