IMA case: Why no FIR against Baig, depositors ask in HC

Why are R Roshan Baig and another former minister not named in the FIR in the multi-crore IMA scam? The counsel for depositors who lost their money raised this question in the high court on Monday.

A division bench of Chief Justice Abhay S Oka and Justice Mohammad Nawaz is hearing a writ petition about the so-called Halal investment scam that duped thousands of people.

The court directed the state government to give prior approval under the Prevention of Corruption Act for further action against government officials indicted in the scam. It also ordered the government to adequately staff the appellate authority constituted under the Karnataka Protection of Interest of Depositors in Financial Establishments Act to expeditiously auction the assets of IMA and its entities so that depositors get their money back.

At this juncture, the petitioners’ counsel pointed out that the FIR filed by the CBI names neither Baig nor another former minister who allegedly took bribes from the IMA founder. Although Baig was summoned by the SIT for questioning, he hasn’t shown up so far, the counsel said and called for taking action against politicians, too.

The CBI submitted a report in a sealed cover on the progress of the IMA investigation. The government advocate also furnished a report in a sealed cover on the IMA assets recovered by the appellate authority. The authority has seized Rs 35 crore worth of movable and immovable assets of the IMA Group.

Noting that the CBI has filed a preliminary charge sheet in the IMA case, the court expressed satisfaction at the investigation. It directed the CBI to submit another report on the progress of the investigation by October 18 and take auditors’ assistance for the appellate authority.