SIT arrests Deputy Commissioner Vijayshankar in IMA ponzi scam case

The special investigation team (SIT) probing the IMA ponzi scam on Monday arrested Deputy Commissioner (Urban) Sri Vijayshankar on charges of receiving a bribe of Rs 1.5 crore from the jeweller.

Last week, the SIT team had also arrested Assistant Commissioner of Bengaluru North division LC Nagaraj on charges of receiving a bribe to give a favourable report.

The SIT had conducted searches at Tilak Nagar and Yashwantapur branches of the I Monetary Advisory (IMA) on June 25.

Enforcement Directorate (ED) had also summoned Karnataka Minister Zameer Ahmed Khan and MLA R Roshan Baig for their alleged links with Mohammad Mansoor Khan, promoter of IMA Jewels and prime accused in the Ponzi scheme case, under investigation for duping 40,000 investors in the state.

The special investigation team (SIT) probing the IMA ponzi scam arrested Deputy Commissioner (Urban) Sri Vijayshankar on charges of receiving bribe of Rs 1.5 crore from IMA #Karnataka pic.twitter.com/o2A3Hh5keQ

— ANI (@ANI) July 8, 2019

IMA has allegedly cheated a large number of investors, mainly, Muslims after promising impressive returns on their deposit.

Founder Mansoor Khan had disappeared last month after sending an audio clip to some investors threatening to commit suicide due to what he alleged was 'harassment' by some politicians and goons.

He had also released a video on YouTube on June 23, urging police to arrange his return to India so that he could join the probe.

Khan, in the video released, promised to fully cooperate in the investigation being conducted by the 11-member SIT and assured to return the investors' money by liquidating the company's assets.