IMA ponzi scam: CBI searches 15 locations in Karnataka, UP including houses of top police officials
New Delhi, Nov 8: The CBI on Friday conducted searches at 15 locations in Karnataka and Uttar Pradesh, including the premises of some senior officers of Karnataka Police, in connection with the I-Monetary Advisory (IMA) ponzi scam, officials said.
Multi disciplinary teams of the agency carried out searches at 11 places in Bengaluru and one each in Mandya, Ramanagara, Belgaum and one place in Meerut, Uttar Pradesh, they said.
The team comprised of chartered accountants, forensic auditors, computer forensic experts, bankers and officials from various other regulatory departments, the officials said.
The searches were conducted at residences of then inspector general Economic Offences Wing Crime Investigation Department Hemant Nimbalkar, deputy superintendents of police CID EB Sridhara, then deputy commissioner of police East Bengaluru Ajay Hilory, inspector and station house officer Commercial Street Police Station M Ramesh.
Then sub-inspector of the Commercial Street police station Gowri Shankar, then ACP Bengaluru North Sub Division and competent authority under KPID Act LC Nagaraj, then DCO Bengaluru Urban District BM Vijayshankar.
Residence of then village accountant Bengaluru North Sub Division Manjunatha, then chief manager Bangalore Development Authority PD Kumar were also searched, they said.
The agency alleged these public servants had conducted inquiries against the IMA group entities, furnished favourable reports and had given clean chits to entities of IMA as a result no action was initiated against the company, which let the fraud continue unhindered, the officials said.
The agency said the Reserve Bank of India repeatedly flagged the issue about unauthorised collections and raising of deposits by the IMA group at the state level coordination committee meetings and had also written several letters to various authorities in Karnataka.
Based on these letters from the RBI, enquiries were conducted through the above mentioned officers, the officials said
These officers allegedly failed in their duties in pointing out glaring irregularities committed by the IMA group and gave clean chits, they said.
Investigations into the expenditure statements of IMA group have revealed alleged payments of huge bribe amounts on multiple occasions by the company directors to these officials, the officials said.
The agency said investigations conducted so far have revealed deliberate inaction and favours to the IMA group on the part of these public servants and authorities for several months, they said.
The multi-crore ponzi scheme run by Karnataka-based IMA and its group entities allegedly duped lakhs of people promising higher returns using Islamic ways of investment.
The CBI had registered a case on August 30 against Mohammed Mansoor Khan, managing director of the company, and others pursuant to the notifications issued by the Karnataka government and the government of India, the officials said.
The agency has already filed two charge sheets in the case, they said.
During the course of searches, the Central Bureau of Investigation (CBI) has collected documents of properties, material objects and digital evidence, the officials said.
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Karnataka offers extensive incentives in its proposed IT policy
Bengaluru (PTI): Karnataka has proposed a new Information Technology Policy for 2025–2030, offering extensive financial and non-financial incentives aimed at accelerating investments, strengthening innovation and expanding the state's tech footprint beyond Bengaluru.
The Karnataka Cabinet gave its nod to the policy 2025–2030 with an outlay of Rs 445.50 crore on Thursday after the Finance Department accorded its approval.
The policy introduces 16 incentives across five enabler categories, nine of which are entirely new, with a distinctive push to support companies setting up or expanding in emerging cities.
Alongside financial support, the government is also offering labour-law relaxations, round-the-clock operational permissions and industry-ready human capital programmes to make Karnataka a globally competitive 'AI-native' destination.
According to the policy, units located outside Bengaluru will gain access to a wide suite of benefits, including research and development and IP creation incentives, internship reimbursements, talent relocation support and recruitment assistance.
The benefits also include EPF reimbursement, faculty development support, rental assistance, certification subsidies, electricity tariff rebates, property tax reimbursement, telecom infrastructure support, and assistance for events and conferences.
Bengaluru Urban will receive a focused set of six research and development and talent-oriented incentives, while Indian Global Capability Centres (GCCs) operating in the state will be brought under the incentive net.
Incentive caps and eligibility thresholds have been raised, and the policy prioritises growth-focused investments for both new and expanding units.
Beyond incentives, the government focuses on infrastructure and innovation interventions.
A flagship proposal in the policy is the creation of Techniverse -- integrated, technology-enabled enclaves developed through a public-private partnership model inside future Global Innovation Districts.
These campuses will offer plug-and-play facilities, artificial intelligence and machine learning and cybersecurity labs, advanced testbeds, experience centres, and disaster-resistant command centres.
There will also be a Statewide Digital Hub Grid and a Global Test Bed Infrastructure Network, linking public and private research and development, and innovation facilities across Karnataka.
The government has proposed a Women Global Tech Missions Fellowship for 1,000 mid-career women technologists, an IT Talent Return Programme to absorb experienced professionals returning from abroad, and broad-based skill and faculty development reimbursements.
Shared corporate transport routes in Bengaluru and tier-two cities will be designed with Bengaluru Metropolitan Transport Corporation and other transport entities to support worker mobility.
The government said the policy is the outcome of an extensive research and consultation process involving TCS, Infosys, Wipro, IBM, HCL, Tech Mahindra, Cognizant, HP, Google, Accenture and NASSCOM, along with sector experts and stakeholder groups.
It estimates an outlay of Rs 967.12 crore over five years, comprising Rs 754.62 crore for incentives and Rs 212.50 crore for interventions such as Techniverse campuses, digital grid development, global outreach missions and talent programmes.
