BENGALURU: The CBI reportedly unearthed a benani property worth Rs 200 crore linked to the I Monetary Advisory (IMA) scam.
The information about the property was gathered during countrywide raids on officers recently. CBI sources said that the property is situated in Chittoor of Andhra Pradesh and belongs to former Bengaluru Urban deputy commissioner Vijayshankar.
A 13-member team visited Chittoor and identified the property, which includes agricultural land, bungalows and a farmhouse. The CBI also recovered a diary from a DCP-ranked officer containing details of bribes of around Rs 82 crore paid to him by IMA kingpin Mansoor Khan on several occasions.
The CBI found that IMA did not use investments from the public for genuine business activities. “Instead, the accused rotated a portion of the deposits and distributed it among investors saying it was the profit. Most of the deposits were misappropriated and the accused acquired assets for themselves and their family members. They paid large sums of money as bribes to public servants and others to protect themselves and to carry out their illegal activities unhindered,” CBI sources said. After taking over the case, the CBI formed a 12-Member Multi Disciplinary Investigation Team (MDIT), which is assisted by chartered accountants, forensic auditors, computer forensic experts, bankers and officials from various departments. The CBI has already filed two chargesheets in the case against Mansoor Khan, IMA directors, members, auditor and private group companies based in Bengaluru and against private people, before the designated court in Bengaluru.
On November 8, the CBI conducted searches at 15 locations, including 11 places in Bengaluru, one in Meerut and one each in Mandya, Ramanagara and Belagavi districts.
During the search, incriminating documents, property documents, material objects and digital evidence were recovered. It is alleged that these public servants conducted enquiries against IMA, but gave a clean chit. That was the reason no action was initiated against IMA and the fraud continued, the sources said.
The RBI, at its state-level coordination committee meetings, had repeatedly complained about IMA illegally collecting funds and deposits and had written to various authorities in the state. After these letters were sent, the accused officers had conducted inquiries, but given favourable reports on IMA.
“These officers failed in their duty and in pointing out glaring irregularities committed by the company. The expenditure statements of IMA revealed alleged large amounts paid to these officials on several occasions,” the sources said....