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IMA Ponzi Scheme : Latest update

The Karnataka government has granted the CBI sanction to press charges of cheating and criminal breach of trust on five police officers, including two senior IPS officers, for allegedly favouring a businessman, Mohammed Mansoor Khan, during a probe into a ponzi scheme run by his firm, I Monetary Advisory (IMA) between 2017-19. Under the ponzi scheme, valued at over Rs 4000 crore by the CBI, hundreds of depositors were swindled of their savings. It was allegedly backed by top politicians, police and state officials in Karnataka. The state government has given the CBI clearance to file a chargesheet against the five officers, including IPS officers Hemant Nimbalkar, currently additional commissioner of police (administration) in Bengaluru city, and Ajay Hillori, a commandant in the state reserve police.

Aside from the two IPS officials, three cops of the position of representative administrator, overseer and sub-monitor deal with indictments of cheating, defilement and infringement of the Karnataka Protection of Interest of Depositors in Financial Establishment (KPIDFE) Act 2004. In January, Chief Minister B S Yediyurappa conceded CBI the authorization to research Nimbalkar, a 1998-clump IPS official, and Ajay Hillori, a 2008-cluster official, in the issue. The IPS officials are among officials who gave a spotless chit to the ponzi plot when objections were held up from different quarters. The primary clean chit was given by Bengaluru city police – explicitly East Division police where Ajay Hillori was the DCP. This was trailed by a spotless chit under KPID Act given by the then Inspector General of Police at the Criminal Investigation Department in 2018. Nimbalkar was IGP at the CID at that point. “There was a deliberate exertion with respect to different police authorities to ensure the premiums of Mansoor Khan, MD and CEO of IMA, and of IMA as opposed to securing premiums of financial specialists and contributors and appropriately they submitted inappropriate request reports and suggested no activity against IMA and as a compensation got pay-offs, resources from IMA,” the CBI had expressed while looking for authorize for indicting the cops. The IMA trick was at first examined by a Special Investigation Team of Karnataka police and was given over to the CBI after the BJP came to control in July 2019.

A CBI report to the state government said that examinations had uncovered that Nimbalkar “got favors from Shri Mohammed Mansoor Khan in real money and kind” for securing the premiums of Khan and IMA.

Hillori supposedly “acknowledged unlawful satisfaction on different events from Shri Mohammed Mansoor Khan through Shri Nijamuddin, Director and Operational Manager, IMA for preferring IMA by postponing the report to RBI and for not making a move against IMA on different objections in conspiracy with other local officials”, the organization has answered to the state government. The examination likewise discovered proof of installments made by IMA to a police monitor M Ramesh and a sub-reviewer P Gowrishankar who purportedly shut grumblings of cheating documented against IMA by investors while they were working at the Commercial Street police headquarters in Bengaluru, the CBI answered to the state government. These officials have supposedly fizzled in their obligations in bringing up the glaring inconsistencies submitted by the said gathering and gave clean chits. Examination concerning the use proclamations of the said private gathering has uncovered the supposed installments of colossal pay off sums on different events by the Directors of the said Group to these authorities,” the CBI stated, while looking for authorize from the state government to squeeze charges.

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