IMA Ponzi scam accused Vijay Shankar commits suicide at his residence

Former Bangalore Urban Deputy Commissioner (DC) and Indian Administrative Service (IAS) officer Vijay shankar allegedly committed suicide at his residence at Jayanagar in Bengaluru on Tuesday evening.

Vijay Shankar was arrested by the Special Investigating Team (SIT) in connection with a multi-crore I-Monetary Advisory Ponzi Scam in 2019 on allegations of taking bribe of Rs 1.5crore from the company. He was later released on bail.

When the case was handed over to the CBI for investigation, they also filed a FIR against Vijay Shankar. In fact, the CBI had sought the Karnataka government's permission to prosecute him in May 2020.

"Vijay Shankar, former DC of Bengaluru committed suicide by hanging himself. He was accused of taking bribe of Rs 1.5 crore in IMA scam," said Bengaluru police commissioner Bhaskar Rao.

"It was an unnatural death and we are investigating the case."The Central Bureau of Investigation (CBI), Bengaluru, registered a case against accused Shankar and two other government officials for accepting "illegal gratification" from the I Monetary Advisory (IMA) in November last year.

The CBI registered a case against Shankar along with LC Nagaraj, former Sub-Division Officer, Bengaluru North Division and Manjunath, Village Accountant, officiating at Sub-Division Office, Bengaluru North Division.

According to the agency, Shankar and Nagaraj had allegedly accepted a bribe from the Directors of IMA Group of Companies through Manjunath, who acted as a mediator for the transaction.

The bribe was allegedly demanded and accepted by the two public servants for forwarding a favourable report to the government in an inquiry into the illegal activities of IMA Group of Companies, which was under their consideration.

It was further alleged that the "illegal gratification" of approximately Rs 1.5 crore was demanded by Shankar, which was delivered to a real estate concern through Manjunath and a director of IMA company.

(With ANI inputs)