I Monetary Advisory: Karnataka HC directs state to appoint competent authority

Bengaluru: The Karnataka High Court directed the state government to appoint a competent authority under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, 2004, by July 24 in the I Monetary Advisory (IMA) related matters.

The court sought details of the properties attached in the case so far and how much of it has been seized by the Enforcement Directorate (ED).

Bengaluru Urban deputy commissioner B.M. Vijay Shankar was arrested on charges that as a competent authority in IMA matter, he had approved a report favourable to IMA Group founder Mohammed Mansoor Khan. It is alleged that the arrested officer approved a report prepared by his subordinate, assistant commissioner L.C. Nagaraj, in favour of IMA and forwarded it to the state government.

The High Court was hearing a batch of PILs seeking CBI probe in the matter.