IMA scam: SIT arrests Assistant Commissioner

Assistant Commissioner of Bengaluru North L C Nagaraj

In a major breakthrough, the Special Investigation Team arrested Assistant Commissioner of Bengaluru North L C Nagaraj, here on Friday. He allegedly received a bribe of Rs 4.5 cr to submit a report favourable to I Monetary Advisory (IMA), despite an alert issued by RBI. He is the first government official to be arrested in connection with the case for allegedly facilitating the scam.

Nagaraj, according to sources, was the competent authority entrusted with the task of investigating IMA, after RBI highlighted the irregularities of the firm. Though Nagaraj had issued a public notice seeking complaints against IMA from the public, he had subsequently submitted a report stating that there were no irregularities committed by the firm. He had allegedly received bribe from IMA for the same.

More details awaited.

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