The IMA Jewels building in Bengaluru, once the headquarters of the infamous I Monetary Advisory (IMA) Ponzi scheme, has now officially become the property of the Meghalaya government. The property was auctioned for ₹28.15 crore, marking a significant step in the ongoing effort to recover funds for thousands of investors who lost money in the multi-crore scam.
The Competent Authority (IMA), responsible for asset seizure and liquidation to repay cheated investors, had earlier attached the prime commercial property on Lady Curzon Road in Shivajinagar. The auction concluded recently, and, officials completed the registration of the building in Meghalaya’s name.
Regional Commissioner of Bengaluru division Amlan Aditya Biswas, who also serves as the Special Officer and Competent Authority, confirmed that the proceeds from the auction will be distributed to investors based on seniority and the amount they deposited.
The property, measuring 50×100 sqft with a five-storey structure built on 5,841 sqft, will now undergo transformation. Meghalaya officials revealed that the building will serve as a Meghalaya Government Office, offering administrative services as well as accommodation for students and residents from the state who visit Bengaluru. The facility will be named “Meghalaya House.”
According to officials, the Karnataka government had provisionally attached the building in 2022 under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004. A special court later cleared it for auction, allowing Meghalaya to place a successful bid.
Meghalaya Chief Minister Conrad K Sangma welcomed the development, calling it a major support system for citizens living in or travelling to Bengaluru. He stated that a large number of Meghalaya students and professionals reside in the city, and this facility will help them during emergencies or periods of need.
