The largest operational risk loss by financial firms in June is an estimated 20 billion rupee ($287.6 million) fraud at Indian investment firm I Monetary Advisory. The specialist Islamic finance house, based in Bengaluru, is thought to have diverted investments from new customers to pay returns to existing investors, in a type of Ponzi scheme. By June 18, 40,000 complaints had been filed against IMA.
The company used investors’ funds for trading in gold, clothing and infrastructure. Investors