IMA Ponzi scheme; MLA Baig fails to turn up before SIT
Bengaluru, Jul 15: Former Karnataka minister and Congress MLA R Roshan Baig Monday did not turn up before the special investigation team probing the alleged IMA Jewels ponzi scheme saying he had some urgent work.
The MLA wanted to appear on July 25 but the SIT directed him to depose on July 19 instead, SIT said.
"Regarding the appearance of MLA Mr Roshan Baig, before the SIT, he has consented to appear before SIT on July 25. But due to the necessity of speeding up the investigation on the part of the SIT, a second notice is served to him to appear on July 19," the SIT said in a statement.
A former minister in the previous Siddaramaiah government, Baig landed in the IMA controversy after the company owner Mohammed Mansoor Khan alleged that Baig took Rs 400 crore from him but did not return it.
The MLA had refuted the charges calling them baseless and frivolous.
Baig has been sulking for quite sometime and had flayed party leaders Siddaramaiah and state president Dinesh Gundu Rao for the party's poor show in the Lok Sabha election. The party later suspended him for his "anti-party" activities.
At the height of the resignation drama in Karnataka, he joined the bandwagon of 16 MLAs who tendered their resignation from the assembly, pushing the ruling coalition to the verge of collapse.
Hours after his resignation on July 9, the SIT served him a notice asked him to appear on July 11 but the MLA sought time and said he would appear on Monday but did not turn up.
Meanwhile, Mohammed Mansoor Khan in a video message on YouTube said he would return to India "within 24 hours" to refund money to the investors.
He said he wanted to come early but due to health issues he could not. He claimed he had high diabetes and blood pressure and that there were three blockages in his heart.
"By the grace of God, I will back to India within 24 hours. I have faith in the Indian judiciary," Khan said in the video.
He added that once he landed in India, he will hand over documents and details to the police department.
"We will try to get the money back from those who extorted from me and took bribe," he said.
READ ALSO: Will return to India in 24-hours, fight legal battle to return money of investors: IMA Chief Mansoor
The Enforcement Directorate has filed a money laundering case against the IMA group of companies and Mohammed Mansoor Khan after reports emerged that he has gone underground fearing investments worth crores of about 40,000 investors have tanked.
Before he went missing, Mansoor Khan threatened to commit suicide saying that corruption in the state government as well as the central government pushed him to the wall.
The SIT has arrested 21 people so far, including the deputy commissioner of Bengaluru urban district and an assistant commissioner of Bengaluru North sub-division, who allegedly took bribe from Khan for covering up the case.
A Muslim cleric is also among the arrested, the SIT said.
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Rupee falls 11 paise to 94.27 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 11 paise to 94.27 against US dollar in early trade on Monday driven by persistent dollar demand and a broader shift toward safe-haven assets.
Forex traders said the Indian rupee has hit a rough patch, falling for five consecutive sessions, weighed down by a combination of factors such as the RBI loosening its grip on currency rules and rising oil prices caused by global tensions.
Moreover, investors are becoming cautious again, with foreign institutions pulling money out of the market after a brief period of buying amid rising geopolitical uncertainty.
At the interbank foreign exchange market the rupee opened at 94.25 against the US dollar, then lost some ground and touched 94.27 against the US dollar in initial trade, registering a fall of 11 paise over its previous close. On Friday, the rupee had settled at 94.16 against the American currency.
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Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.09 per cent at 98.44.
Brent crude, the global oil benchmark, was trading higher by 1.16 per cent at USD 106.55 per barrel in futures trade.
A mix of softer economic signals and renewed, even if fragile, hopes of diplomacy pulled the dollar lower again, CR Forex Advisors MD Amit Pabari said, adding that for Rupee, on one hand, a softer dollar offers relief. On the other, uncertainty remains the dominant force.
Meanwhile, India’s forex reserves have crossed USD 703 billion as of April 17, reflecting a consistent build-up of buffers.
"For now, the rupee continues to lean toward gradual weakness. Uncertainty remains the dominant force, shaping both global flows and local reactions," Pabari said.
He further noted that any dips are likely to be bought into, with the 92.80–93.20 zone acting as a strong support. On the upside, 93.50 to 94.50 is expected to define the near-term range.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 518.96 points or 0.68 per cent higher at 77,183.17, while the broader Nifty was trading up 131.30 points or 0.55 per cent at 24,029.25.
Foreign Institutional Investors offloaded equities worth Rs 8,827.87 crore on Friday, according to exchange data.
