IMA ponzi rip-off: CBI will get state nod to press prices towards 2 IPS officers

By: Express News Service | Bengaluru |

September 15, 2020 4:54:07 am

I Monetary Advisory (IMA) Group Founder Mohammed Mansoor Khan. (File)

The Karnataka authorities has granted the CBI sanction to press prices of dishonest and felony breach of belief on 5 law enforcement officials, together with two senior IPS officers, for allegedly favouring a businessman, Mohammed Mansoor Khan, throughout a probe right into a ponzi scheme run by his agency, I Monetary Advisory (IMA) between 2017-19.

Under the ponzi scheme, valued at over Rs 4000 crore by the CBI, lots of of depositors had been swindled of their financial savings. It was allegedly backed by prime politicians, police and state officers in Karnataka.

The state authorities has given the CBI clearance to file a chargesheet towards the 5 officers, together with IPS officers Hemant Nimbalkar, presently further commissioner of police (administration) in Bengaluru metropolis, and Ajay Hillori, a commandant within the state reserve police.

Apart from the 2 IPS officers, three policemen of the rank of deputy superintendent, inspector and sub-inspector face prices of dishonest, corruption and violation of the Karnataka Protection of Interest of Depositors in Financial Establishment (KPIDFE) Act 2004.

In January, Chief Minister B S Yediyurappa granted CBI the permission to research Nimbalkar, a 1998-batch IPS officer, and Ajay Hillori, a 2008-batch officer, within the matter.

The IPS officers are amongst officers who gave a clear chit to the ponzi scheme when complaints had been lodged from numerous quarters.

The first clear chit was given by Bengaluru metropolis police – particularly East Division police the place Ajay Hillori was the DCP. This was adopted by a clear chit below KPID Act given by the then Inspector General of Police on the Criminal Investigation Department in 2018. Nimbalkar was IGP on the CID on the time.

“There was a concerted effort on the a part of numerous police officers to guard the pursuits of Mansoor Khan, MD and CEO of IMA, and of IMA as a substitute of defending pursuits of buyers and depositors and accordingly they submitted improper inquiry studies and beneficial no motion towards IMA and as a quid professional quo obtained bribes, valuables from IMA,” the CBI had acknowledged whereas in search of sanction for prosecuting the law enforcement officials.

The IMA rip-off was initially investigated by a Special Investigation Team of Karnataka police and was handed over to the CBI after the BJP got here to energy in July 2019.

A CBI report back to the state authorities mentioned that investigations had revealed that Nimbalkar “obtained favours from Shri Mohammed Mansoor Khan in money and type” for shielding the pursuits of Khan and IMA.

Hillori allegedly “accepted unlawful gratification on numerous events from Shri Mohammed Mansoor Khan by way of Shri Nijamuddin, Director and Operational Manager, IMA for favouring IMA by delaying the report back to RBI and for not taking motion towards IMA on numerous complaints in connivance with different public servants”, the company has reported to the state authorities.

The investigation additionally discovered proof of funds made by IMA to a police inspector M Ramesh and a sub-inspector P Gowrishankar who allegedly closed complaints of dishonest filed towards IMA by depositors whereas they had been working on the Commercial Street police station in Bengaluru, the CBI reported to the state authorities.

“These officers have allegedly failed of their duties in stating the obtrusive irregularities dedicated by the mentioned group and gave clear chits. Investigation into the expenditure statements of the mentioned non-public group has revealed the alleged funds of giant bribe quantities on a number of events by the Directors of the mentioned Group to those officers,” the CBI mentioned, whereas in search of sanction from the state authorities to press prices.

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