The CBI has sought permission to prosecute six Karnataka officials, including two senior IPS officers posted in the state, as the CBI plans to file an affiliate charge sheet explaining its role in helping the Rs 4,000 crore I-Monetary Advisory (IMA) Ponzi. The scandal, officials said Thursday.
The IMA and its sister Ponzi companies have been accused of attracting fraudulent investors who are investing heavily in Islamic investments.
The CBI has written to the Karnataka government seeking an inquiry into the 1998 batch of Hemant Nimbalkar and 2008 batch Ajay Hilory. They said the CBI searched the residence of the two officers earlier this year.
Nimbalkar was appointed as the Inspector General of Economic Offenses while Hillary was then Deputy Commissioner of East Bengaluru, sources said.
In addition, the then Deputy Superintendent, CID EB Sridhara, Inspector, and SHO Commercial Street Police Station M Ramesh, Station Sub Inspector P Gaurishankar and the then Assistant Commissioner of Bengaluru, North Sub Division LC Nagabaru have also sanctioned the same.
According to sources, Sridhara Ombudsman and Hemant Nimbalkar was the supervising officer in the CID EW investigation into the activities of the IMA Group entities.
The agency found in its investigation that it had illegally collected more than Rs 4,000 crore in deposits from millions of innocent investors, but gave a clean chit to the state CID and its promoter-director, Mohammed Mansour Khan.
As a consequence, the activities of the IMA Group continued unhindered, leading to hundreds of crores from thousands of innocents, the agency alleges.
Nagaraj also gave a clean chit to investigate the IMA affairs without proper investigation.
The clean chit was given on the grounds that unauthorized deposits were not collected and that the partners’ investments, limited liability, and partnership were exempted under the KPID Act.
Hillary, who is directly overseeing the work of Ramesh and Gourishankar, failed to register cases despite written complaints from state government officials and social workers, the agency said.