Scribd
Upload
100 views1 page

Online Claims for Ponzi Scam Victims

The state government of Karnataka is planning to allow victims of Ponzi schemes to submit their claim documents for compensation online, rather than physically. This is intended to make the process easier for the estimated 100,000 victims. The announcement was made at a conference discussing ways to deliver justice to victims of scams like IMA, Ambidant, Injaz, and others. Speakers at the event talked about legal options for victims to recover their money and punish collaborators within the police and government.

Uploaded by

wreckieb
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
100 views1 page

Online Claims for Ponzi Scam Victims

The state government of Karnataka is planning to allow victims of Ponzi schemes to submit their claim documents for compensation online, rather than physically. This is intended to make the process easier for the estimated 100,000 victims. The announcement was made at a conference discussing ways to deliver justice to victims of scams like IMA, Ambidant, Injaz, and others. Speakers at the event talked about legal options for victims to recover their money and punish collaborators within the police and government.

Uploaded by

wreckieb
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

METRO 3

DECCAN
AN HERA
RALD
Sunday
October 20, 2019

State may thr hrow


onl
nline claim lifeline
for Ponz
nzi vviicti
tims to facilitate the swindling of
Suggestedatmeet innocent victims,”he said, and
referred to unconfirmed re-
thatdiscussedways portsthata policedeputyty com-
missionertookRs13croreand
todeliverjustice 25kgofgoldfromMohammed
tovictims Mansoor Khan, the founder of
IMA.
▼ Reddy asked for punishing
such people along with the
main culprits.
BENGALURU, DHNS The conference was attend-
ed by about 500 people — al-

I
n what may come as a relief mostallofwhomhadlostmon-
to about one lakh people ey in the Ponzi scams — from
who lost money in various (L-R) Narendra Kumar of Lanchamukta Karnataka Nirmana across Karnataka. Speakers
Ponzi scams, the state govern- Vedike, social activist Sharyar Khan, and Ravi Krishna Reddy at the conference dwelt on the
ment is planning to receive and Farhan Hoda of Indian Media Book at a conference on legal options and frameworks
theirclaimdocumentsonline. Ponzi scams on Saturday. DH PHOTO/RANJU P used by government authori-
State Public Prosecutor M tiestohelpthevictimsgettheir
Narayana Reddy announced verify
fyingtheclaimdocuments, other companies had lured money back.
this at a conference that dis- he added. Muslims by using their com- There were also elaborate
cussedwaystodeliverjusticeto Ravi Krishna Reddy, of the munity
ty leaders. discussions on the merits and
the victims of IMA, Ambidant, Lanchamukta Karnataka Nir- “People’s representatives demerits of various laws relat-
Injaz, Ajmera, Aala and other mana Vedike, said IMA and and police officers took bribes ed to investment schemes.
Ponzi schemes on Saturday.
“In cases of investment
schemes, the state govern-
ment issues a notification,
seeking the documents of the
investment. Victims have to
submit the documents within
a week. There are cases where
the victims have been waiting
for decades to get their money
back,”he said.
The online procedure is an
easier alternative to the phys-
ical process of collecting and

You might also like