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CBI Registers Another FIR in I-Monetary Advisory Ponzi Scam

This is the third FIR registered by CBI in connection with the IMA Scam


Updated:November 9, 2019, 7:50 PM IST
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CBI Registers Another FIR in I-Monetary Advisory Ponzi Scam
File photo of CBI headquarters in New Delhi. (PTI)

Bengaluru: The CBI on Saturday booked former deputy commissioner of Bengaluru urban district BM Vijay Shankar, then assistant commissioner LC Nagaraj and a village accountant in connection with the I-Monetary Advisory (IMA) ponzi scam.

This is the third FIR registered by CBI in connection with the IMA Scam, CBI said.

The charges against Shankar and Nagaraj are that they allegedly accepted illegal gratification from the directors of IMA Group of Companies through the village accountant Manjunath, who acted as a mediator for the transaction, the investigating agency said in a statement.

"The illegal gratification was allegedly demanded and accepted by the two said public servants for forwarding a favourable report to state government in an inquiry into the illegal activities of IMA Group of Companies which was under their consideration," the statement read.

The CBI said the alleged illegal gratification of Rs 1.5 crore demanded by Shankar was delivered to a real estate concern through Manjunath and a director of IMA company. Nagaraj allegedly obtained a bribe of Rs 4 crore and Manjunath, who acted as a mediator for these transactions allegedly accepted Rs.8 lakh from the Directors of IMA Company, the investigation agency said.

The CBI had raided 15 places on Friday including the premises of two IPS officers in connection with the case. 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.

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