Rs 20 crore worth jewelry recovered from IMA showroom

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Rs 20 crore worth jewelry recovered from IMA showroom

BENGALURU: The special investigation team (SIT) searching the IMA Group Ponzi scam, carried out an detailed search at IMA Jewels showroom on Lady Curzon Road, Shivajinagar, early on Thursday morning and recovered gold, diamond and silver jewelry worth over Rs 20.1 crore.

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Investigators told that the 4-floor showroom at the group’s headquarters was 90% empty. The search team also included about 25 private evaluators, who were part of the team that searched the IMA Jewels showroom in Jayanagar on June 18 and recovered gold, diamonds and silver worth Rs 33 crore. The Jayanagar showroom too was 90% empty.

The seized ornaments were transported in 20 metal trunks to the state treasury.

“The search started at 10am and concluded at 9pm during which 30kg of gold, about 2,600 carat diamonds and 450kg of silver,” were seized. “The estimated value is approximately Rs 20.1 crore.

Police informed that the gold seized was worth Rs 10.8 crore, diamonds Rs 7.5 crore and silver worth Rs 1.8 crore.

During their raid on Jayanagar showroom, SIT had seized 43kg gold ornaments worth Rs 13 crore, 5,884 carat diamonds worth Rs 17.6 crore, Sylt diamonds worth Rs 1.5 crore and 520kg of silver worth Rs 1.5 crore.

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