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Bengaluru: Two IPS officers among 28 accused of IMA fraud

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Two IPS officers are among five police officers charged in the Rs 4,000-crore IMA Ponzi scheme that rocked Karnataka in June 2019.

On Saturday, the Central Bureau of Investigation (CBI) filed an additional indictment against 28 people, including five police officers and Mohammed Mansoor Khan, managing director and CEO of I Monetary Advisory (IMA). Bengaluru-based IMA headquarters was destroyed after taking thousands of crops from people, mostly Muslims, in the name of Halal investment businesses.

Khan has already been arrested in the case, along with several other indictees. The case was handed over to the Central Bureau of Investigation (CBI) after the BJP came to power last year. The CBI registered four cases of fraud and filed the indictment in September last year, appointing Khan and 24 others, including IMA directors, members and an auditor. In September this year, the CBI filed another indictment, citing former North Bengal Assistant Commissioner LC Nagaraj and a village accountant. At the time, the CBI did not indict then-Bengaluru Urban deputy leader BM Vijay Shankar, as he ended his life in June.

Saturday’s indictment was filed months after the state government issued the sanction to prosecute IPS officers Hemant Nimbalkar and Ajay Hilori. Nagaraj has been reappointed.

Nimbalkar, the current commissioner of police (administration), Bengaluru, was the IGP (Division of Economic Offenses), Department of Criminal Investigation, when he committed the alleged offense. Hilori, currently the Commander of the Karnataka State Reserve Police (KSRP), was under the police commissioner (east), Bengaluru, at the time.

The other three police officers charged are EB Sridhara, then Deputy Police Officer, Economic Affairs Division, CID; M Ramesh, then inspector of the police station on Commercial Street and P Gowri Shankar, then deputy inspector of the police station on Commercial Street.

The CBIs case is that Nagaraj and police officers had closed investigations and verifications of complaints they had received from citizens against IMA. The defendants did not take the necessary measures under the law, including the Karnataka Depositors’ Interest Protection Act in the Financial Settlement, 2004. They instead cleared the company and recommended closing the complaints, stating that IMA was not satisfied with any action. illegal. Pure Chit enabled the company to continue its illegal business and deceive thousands of investors.

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