Bengaluru: A day after Karnataka Chief Minister B.S. Yeddiyurappa handed over the phone tapping case of political leaders and government officials to Central Bureau of Investigation (CBI), the investigation into the multi-crore I Monetary Advisory (IMA) investment scam has also been handed over to the central agency.
The IMA scam runs into over Rs 4,000 crore and prominent politicians, government officials and businessmen are involved. It was being investigated by the Special Investigation Team formed by the previous coalition government.
According to sources, the investigation was handed over to the CBI as the accused and the victims of the scam are spread over the country and the Investigation needed to be carried out in different states.
Many big names had surfaced in connection with the scam, including disqualified Shivaji Nagar MLA R. Roshan Baig and Chamarajpet MLA BZ Zameer Ahmed Khan. The IMA group MD and scam kingpin Mohammad Mansoor Khan had in an audio clip accused Baig of taking Rs 400 crore loan and refusing to repay it.
Mr Baig had rubbished the allegations made against him and demanded a CBI inquiry.
After the scam came out in the open on June 10, in which over 50,000 investors were duped of their hard earned money, the previous coalition government had formed SIT and appointed DIG Dr B.R. Ravikanthe Gowda as its head and DCP S. Girish as the Investigating officer.
The SIT was instrumental in bringing back Mansoor Khan from Dubai after he fled the country on June 7. On his return from Dubai, he was arrested from New Delhi airport on July 15 by the sleuths of Enforcement Directorate (ED). ED too was probing the money laundering and fraudulent transactions of IMA and Mansoor Khan.
While there was demand for a CBI inquiry into the scam considering its size and the involvement of many influential people, the SIT probed had made headway leading to the arrest of 25 people, including IMA directors, government officials and rowdies. Properties and valuables worth crores were also confiscated.
However, SIT had lately softened its approach towards Mr Baig after he repeatedly dodged their summons.
The SIT has questioned Mr Zameer Ahmed Khan over his transaction with Mansoor Khan of a property spread over 14,924 sq. ft on Serpentine Street in Richmond Town.
The MLA had sold the property to Mansoor Khan for Rs 9.38 crore, allegedly more than the market price, and received the payment in his bank account.
State to HC: IMA case with CBI
The State Government on Tuesday informed the High Court that it has entrusted the investigation of financial irregularities of I- Monetary Advisories (IMA) and its group entities to CBI.
In addition, the State submitted a progress report on the case in a sealed cover.
The court was hearing a batch of petitions seeking CBI probe into the IMA scam.
The court has also asked the state government to appoint a permanent competent authority under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act. The case stands adjourned.
