ED raids residence of former minister Roshan Baig
New Delhi/Bengaluru, Aug 5: The Enforcement Directorate (ED) on Thursday conducted searches against former Karnataka minister R Roshan Baig and a Congress MLA in connection with a money laundering investigation into the alleged Rs 4,000 IMA ponzi scam, officials said.
They said multiple premises of Baig and his associates are being raided by the agency under the provisions of the Prevention of Money Laundering Act (PMLA).
Two of his premises in Shivajinagar of Bengaluru and that of Congress MLA from Chamrajpet in Bengaluru, B Z Zameer Ahmed Khan, and a travel company linked to him are being searched.
Searches were also conducted in some locations in Mumbai.
The Congress MLA is stated to have had a purported property transaction with then MD of IMA Group Mansoor Khan. This transaction was declared by Zameer Ahmed Khan in his election affidavit.
Baig, earlier arrested by the Central Bureau of Investigation (CBI) in this case, was suspended from the Congress after the alleged scam came to light.
Baig is out on bail at present.
The Enforcement Directorate action is linked to its probe in the 4000-crore I-Monetary Advisor (IMA) alleged ponzi scam case, taking cognisance of a CBI FIR and a charge sheet.
The CBI, in April, had filed a charge sheet before a special CBI court in Bengaluru and had named Baig, Mansoor Khan, IMA Group and Baig's company Daanish Publications and others.
"It was alleged that the accused former minister received several crores of rupees from IMA funds for election expenditure.
"It was further alleged that the accused was also utilising the said funds for day-to-day expenditure, including salaries of employees of his firm. It was also alleged that the accused has spent the funds for various social and cultural activities in his constituency to increase his popularity," a CBI spokesperson had said in a statement post the filing of the charge sheet.
The alleged IMA scam pertains to over Rs 4,000 crore collected by IMA Group from over a lakh gullible investors in the name of providing attractive returns on investment following Islamic ways.
The CBI has alleged that the money was diverted to Baig, a minister in the erstwhile Congress government, led by Siddaramaiah, so that the IMA Group could continue its illegal activities, CBI officials had said.
The CBI had registered four cases in connection with the scam and has filed multiple charge sheets against 33 accused, including Khan, company directors, several revenue and police officials.
"It was alleged that the said Group had raised unauthorised deposits and cheated the public by failing to repay the principal and as well as the promised returns.
"These funds were allegedly diverted for acquiring properties, paying bribe amounts, etc. Several properties, including moveable and immovable, were identified and attached under KPIDFE (Karnataka Protection of Interest of Depositors in Financial Establishments) Act, 2004 by the competent authority," the CBI had said.
Bengaluru: Enforcement Directorate (ED) conducts raid at the residence of former Karnataka Minister & Congress leader Roshan Baig, in connection with I-Monetary Advisory investment scam
— ANI (@ANI) August 5, 2021
Visuals from the spot. pic.twitter.com/uxJjaK1f01
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
