HC wants report on status of probe into Ponzi companies

The High Court of Karnataka on Tuesday ordered the state government to submit a status report about the ongoing investigation into Ponzi companies.

A division bench headed by acting Chief Justice L Narayana Swamy passed the ruling after the government advocate informed the court that 11 out of 19 cases registered against Ponzi companies in Bengaluru had been transferred to the Central Crime Branch (CCB) for investigation. The government advocate sought three more weeks to give details about the investigation and submit a status report.

At this juncture, the counsel for the petitioners informed the court that except for one entity — I Monetary Advisory (IMA) group of companies — all other firms had ceased operations.