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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West Asia situation 'worrisome', having adverse impact on economy, people: PM Modi in LS
New Delhi (PTI): Prime Minister Narendra Modi on Monday termed the prevailing situation in West Asia “worrisome” as it is having a very adverse impact on the global economy and the livelihoods of people.
Making a statement on the prevailing situation in West Asia in the Lok Sabha, Modi also said that the security of Indians has been the government's biggest priority in times of conflict, and the Centre is sensitive, vigilant and also ready to extend every assistance.
“The current situation in West Asia is worrisome. This crisis has been going on for more than three weeks, having a very adverse impact on the global economy and on people's lives. The entire world is urging all parties to resolve this crisis as quickly as possible," Modi said.
He also said that cargo movement through the Strait of Hormuz has been a challenge from the beginning of the war, yet the government is ensuring that gas and fuel supplies remain the least affected.
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"We all know that India imports 60 per cent of its LPG needs. Due to uncertain supply, the government is prioritising domestic supply. LPG production in the country is also being increased,” he said.
The prime minister also said the conflict has created unexpected challenges, including economic, humanitarian and those related to national security.
“The countries affected by the conflict share extensive trade relations with India. The region fulfils a significant portion of our crude oil and gas requirements. It is also important because around 1 crore Indians live and work there," he said.
It is essential that a unanimous and united voice on this crisis reaches the world from Parliament, he said.
Modi also said that since the conflict began, every Indian in the affected areas has been provided with necessary assistance.
“I have spoken with most of the heads of state in West Asia over the phone in two rounds. And they have all assured the safety of Indians,” he said.
Unfortunately, the prime minister said, some people have lost their lives, and some have been injured in the conflict.
Help is being provided to the affected families, Modi said.
