HC disposes of PILs relating to IMA scam

The HC directed the competent authority to continue the proceedings as prescribed under the statute in coordination with the ED

The High Court has disposed of a batch of PILs filed in relation to the multi-crore I Monetary Advisory (IMA) scam, considering the submissions that both the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have filed the charge sheets in the cases.

“We are of the considered view that the purpose for which the writ petitions were filed has been fulfilled. The concerning investigating agencies have taken the investigation and have submitted their reports before the concerning competent courts. So far as the action by the competent authority under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, 2004 is concerned, it is needless to observe the concerning competent authority shall take appropriate legal steps as may be prescribed under the law in coordination with the investigating agencies,” the bench said.

The court was informed that the competent authority established under the KPID Act is required to complete the process of attachment of properties in coordination with the ED.

It directed the competent authority to continue the proceedings as prescribed under the statute in coordination with the ED.