Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Jun 18: State revenue minister R V Deshpande stated that the state government proposes to bring amendment to The Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004 (KPID) and get the nod of the legislature during the next session so that the government can act against the cheats involved with the I Monetary Advisory (IMA) scam.

"We have already sent a copy of the act in its current form to the law department. We need to change certain provisions of the act to be able to forfeit properties owned by Mansur Khan, IMA owner. We have sought the opinion of the law department," Deshpande said, speaking to media persons on Monday June 17.

"Chief secretary of the state T M Vijay Bhaskar, has already asked the law department to bring amendments on the above lines. For us, it is utmost important to provide relief to affected people rather than pointing at the technical problem we have been facing now and feeling helpless. The police had said that IMA fraud does not fall under KPID Act as the investors were treated as shareholders by the concern," Deshpande said. He said that if such cases are registered under KPID act, the properties of the concerned can be attached. During the last some months, out of 17 cases referred, we have asked to attach properties in 11 cases," he explained.