IMA scam: Karnataka govt gives nod to CBI prosecution of 2 IPS officers, 3 others

In a major move, the Karnataka government sanctioned the Central Bureau of Investigation (CBI) to prosecute two top IPS officials in connection with the multi-crore I-Monetary Advisory (IMA) scam.

Following the sanctions, the CBI is likely to question the two officers -- senior IPS officer and then Inspector General of Police, CID, Bengaluru, Hemant Nimbalkar and then Deputy Commissioner of Police (East), Bengaluru, Ajay Hilori.

The investigation into the I-Monetary Advisory, popularly known as IMA, ponzi scam in which thousands of gullible depositors were duped of their hard-earned money after being promised bumper returns, was handed over to the CBI and the central agency had sought the state's permission to prosecute a total six public servants, including the two IPS officers in question.

Following the CBI's request, the state government, on September 9, accorded the agency permission to prosecute Nimbalkar and Hilori. The permission has been given under Section 197 of the Criminal Procedure Code as well as under Section 170 of the Karnataka Police Act, 1963.

The CBI had also recently filed a chargesheet against former Assistant Commissioner of Bengaluru Urban district L C Nagaraj and ex-village accountant Manjunath.

Similarly, the state government, on 11 September, permitted the CBI to prosecute the then Deputy Superintendent of Police of the CID, Economic Offences Division EB Sridhar, M Ramesh who was then working as an inspector at the Commercial Street Police Station and P Gowrishankar, the then sub-inspector of police at the same police station in connection with the IMA case.