The founder of IMA Jewels had accused Baig of taking money from him and refusing to return it.
Karnataka Congress MLA Roshan Baig has denied having anything to do with the IMA Jewels scam that has caused panic among thousands sin Bengaluru. IMA Jewels founder and managing director Mohammed Mansoor Khan had allegedly said in an audio clip to the police that he was unable to pay investors back because Baig had refused to return Rs 400 crore that he had allegedly taken from him.
Khan's audio clip, which has been doing the rounds on social media, allegedly features him hinting he was going to commit suicide. He appealed to the police to use his existing assets to pay back his investors. He also appealed for the Rs 400 crore to be recovered from Baig and be used for repayments. Khan alleged that Baig had taken Rs 400 crore from him ahead of the elections, and had refused to return it when he did not get a ticket from his party.
Baig, the MLA from Bengaluru Central's Shivajinagar constituency, refuted these allegations in a tweet. "I categorically state that I'm neither a stakeholder/partner of this company in any way or form. My association with IMA Group is as a legislator and strictly on the basis of social work that was carried out in my assembly constituency of particularly the V.K Obaidullah School in Shivajinagar which accommodates several thousand students from my constituency. There are several contractors and private companies who participate in developmental works of my constituency and not in any way am I a part of any of those companies," read the statement.
"I profoundly request people and my constituents to not pay attention to fake forwards and to discard any such false information doing rounds. Let it be known that I've initiated necessary steps before the appropriate authorities to initiate legal action against such miscreants. All those involved in spreading such false information will be taken to task by appropriate authorities," Baig added.
Police in Bengaluru have filed more than 3000 cases from investors who had deposited money in IMA Jewels. The company had promised to pay them an interest of 3 percent per month. That would work out to at least 36 percent a year, which is about four times what banks pay as interest on fixed deposits.
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