Nation Current Affairs 02 Jul 2019 IMA Ponzi scam: BDA ...

IMA Ponzi scam: BDA officer held

DECCAN CHRONICLE.
Published Jul 2, 2019, 5:31 am IST
Updated Jul 2, 2019, 5:31 am IST
This time, a government employee of Bengaluru Development Authority (BDA) has been arrested after the SIT found his links with IMA.
Kumar
 Kumar

Bengaluru: The Special Investigation Team (SIT) probing the multi-crore I Monetary Advisory (IMA) scam, in which over 50,000 investors were duped of over 2,000 crore, has made another arrest in connection with the scam.

This time, a government employee of Bengaluru Development Authority (BDA) has been arrested after the SIT found his links with IMA. The officer has been identified as Kumar, a BDA executive engineer.

 

Kumar is the same person that IMA Group Managing Director Mohammed Mansoor Khan had mentioned in his audio clip that he had released after fleeing the country. Khan, apart from accusing Shivajinagar MLA R. Roshan Baig of not returning `400 crore had also claimed that Kumar had taken `5 crore from him. On Monday, a team of SIT conducted a raid on the flat of Kumar in Jayanagar 5th Block and seized documents pertaining to the investigation. The raid was conducted after the SIT found out that Mansoor and Kumar had some transactions of `4 crore and Kumar was the receiver.

 

Another team of SIT conducted raids at three Frontline Pharma outlets, an entity of IMA group, on Queen's Road, Seppings Road and Vasanth Nagar. The team seized medicines and electronic equipment worth `40 lakh, `30 lakh and `4.40 lakh cash from Frontline Pharma outlets in Vasanth Nagar and Seppings Road respectively. In total, goods, valuable and cash worth `74 lakh has been seized in the raid.

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Location: India, Karnataka, Bengaluru




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