In a surprise decision on Tuesday, the state government transferred the multi-crore I Monetary Advisory (IMA) investment scam to the Central Bureau of Investigation (CBI).
The fraud was so far being probed by a Special Investigation Team (SIT) which had succeeded in bringing back IMA founder Mohammed Mansoor Khan from Dubai in July, circumventing the longer route of extradition.
The SIT also arrested an IAS officer, an assistant commissioner, a nominated BBMP corporator, the husband of a sitting corporator, a Muslim religious scholar, an educationist and several others for accepting bribes from Khan and furthering the scam. An IMA auditor was also apprehended.
Sleuths had also questioned former minister B Z Zameer Ahmed Khan and had summoned the disqualified Shivajinagar MLA, R Roshan Baig, for questioning.
More than 50,000 people are believed to have lost money in the scam which surfaced on June 10, two days after Khan had fled India.
The government invoked sections 5 and 6 of the Delhi Special Police Establishment Act, 1946, to transfer to the CBI crime number 73/2-19 (registered at the Commercial Street police station in Bengaluru) and all other FIRs related to investments in IMA Group in the state.
The premier agency will identify and investigate people involved in all illegal activities of the IMA Group in Bengaluru and across the state, the government order read.
Officials concerned are required to cooperate with the CBI and hand over data/information/records as and when required by it during the investigation, the order stated.
IMA and its group entities received money from the public by making them partners and offered them monthly, quarterly or yearly “dividend”.
The Revenue Department noted that IMA and its group entities carried out fraudulent financial transactions and failed to return the deposits after maturity or pay the assured interest or other benefits. The department has attached properties of the IMA Group in Bengaluru and across the state.
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