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Karnataka government allows CBI to prosecute two top IPS officers in IMA fraud – news from India



The Karnataka government on Monday allowed the Central Bureau of Investigation (CBI) to prosecute two senior IPS officers Hemant M Nimbalkar and Ajay Hilori in the I-Monetary Advisory (IMA) ponytail scam in which several thousand investors lost at least Rs 5000 crore.

IMA was an investment banking company run by Mahommed Mansoor Khan who claimed to be a sharia-compliant operation based on Islamic principles and that received large deposits mainly from members of the Muslim community. When IMA stopped paying dividends in March 2019, investors filed complaints with the police and in June 2019, the Karnataka government set up an SIT to investigate more than 51,500 complaints filed by investors.

On August 30, 2019, the investigation was transferred to the CBI which after an investigation sought permission from the state government to prosecute Hemant Nimbalkar who was then IGP, CID and Ajay Hilor who was the Deputy Eastern Commissioner under Article 197 of the CPC and Article 170 of the Karnataka Police Act 1963, on the extension of the favors and protection of the interests of IMA promoters.

The CBI has said Nimbalkar favored Mansoor Khan and the IMA by preventing a proper investigation into his cases. Ajay Hilori has been accused of accepting illegal pleasures for giving favors to Khan and IMA. Permission from the state government was given to the CBI in a letter dated September 11, which was made public today. Coincidentally, Nimbalkar Anjali’s wife is the MLA Congress sitting by the Khanpur assembly segment of Belgav.

Neither Hemant Nimbalkar nor Ajay Hilori were available to comment on the government’s decision to allow the CBI to prosecute them.

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