Karnataka govt transfers IMA ponzi case to CBI

Karnataka government headed by Chief Minister BS Yediyurappa on Tuesday transferred multi-crore IMA Ponzi scam to the Central Bureau of Investigation (CBI).

The I-Monetary Advisory (IMA) is embroiled in a case where the firm had allegedly cheated more than 40,000, mostly Muslims, after promising them impressive returns on their deposits.

A Special Investigation Team (SIT) of the state police was probing the case. The SIT said the case was being transferred to the CBI because accused and victims in the scam lived across the state line and the investigation had to be carried out in different states.

The SIT was formed by the earlier Karnataka government led by HD Kumaraswamy after several high profile names including those of politicians and bureaucrats started cropping in the case. 

The prime accused in the case, Mohammed Mansoor Khan, has been in the SIT custody after his arrest upon his arrival in India from Dubai on July 19.

Congress MLA BZ Zameer Ahmed Khan and disqualified MLA Roshan Baig are among those who have been linked to the kingpin during the investigation. 

Mansoor Khan, promoter of IMA Jewels, is under investigation for duping investors in the state. He had claimed that he paid Rs 400 crore to Baig which he was not returning.