Ex-Cong minister Roshan Baig arrested in IMA ponzi scam

CBI arrests ex-Karnataka Minister Roshan Baig in Rs 2,900 crore IMA ponzi scam

The multi-crore ponzi scheme run by Karnataka-based IMA and its group entities allegedly duped lakhs of people

Roshan Baig. Credit: DH Photo

The Central Bureau of Investigation officials arrested former Shivaji Nagar MLA R Roshan Baig in connection with the multicore I Monitory Advisory ponzi scam on Sunday morning.

CBI sources said that officials visited Baig’s residence on Sunday morning around 11 am, secured his custody and took him to the CBI office. After detailed questioning and recording his statement for several hours, he was arrested based on the material evidence.

Later in the evening, he was produced before the CBI special judge and remanded to judicial custody.

It can be recalled that on July 15, 2019, the Special Investigation Team probing the multi-crore I Monetary Advisory (IMA) scam detained Baig at Kempegowda International Airport, just hours after he was served a notice to appear before it four days later.

Baig was about to board a chartered flight to Mumbai soon after prime accused MD and CEO of IMA Mohammed Mansoor Khan released a second video stating that he will return to India within 24 hours. Baig was close to Khan and had financial deals with him. Baig was questioned by SIT for several hours at CID headquarters before he was released.

Mansoor Khan had alleged that he incurred losses and was unable to pay to his investors because Baig had taken Rs 400 crore from him. He also alleged that Baig had threatened him for asking to repay the money.