The CBI on Friday conducted raids at 15 locations in Karnataka and Uttar Pradesh in connection with its probe into the multi-crore ‘I Monetary Advisory (IMA)’ scam.
A specially formed multidisciplinary investigating team of the Central Bureau of Investigation conducted these searches at the residences of over a dozen public servants who conducted inquiries into the IMA group entities, furnished favourable reports and gave a clean chit to the persons linked to the group. As a result, the fraud “continued unhindered”.
The places raided by the CBI team include 14 in Karnataka and one in Uttar Pradesh’s Meerut.
In Karnataka, the CBI raided 11 places in Bengaluru district, one each in Mandya, Ramanagara and Belgaum.
The searches were conducted at the residences of Hemant Nimbalkar, then Inspector General Economic Offence Wing of Central Investigation Department (CID); E.B. Sridhara, then Deputy Superintendent of Police (SP) CID; Ajay Hilori, then Deputy SP of Karnataka Police (Bengaluru East); M. Ramesh, Inspector and then Station House Officer (SHO) Commercial Street Police station; Gowri Shankar, the then Sub-Inspector of Commercial Street Police station; LC Nagaraj, then Assistant Commissioner (Bengaluru North Sub-Division); and competent authority under the Karnataka Protection of Interest of Depositors in Financial Institutions Act (KPID), 2004.
The residences of B.N. Vijay Shankar, then Deputy Commissioner (Bengaluru Urban District); Manjunatha, village accountant Bengaluru North Sub-Division; P.D. Kumar, the then chief engineer Bangalore Development Authority (BDA)
were also raided.
The Reserve Bank of India (RBI) repeatedly flagged the issue about unauthorised collection and raising of deposits by the IMA group at the state level coordination meetings and had also written several letters to various authorities in Karnataka.
Based on these letters from the RBI, the CBI said the inquiries were conducted by the accused officers. These officers allegedly failed in their duties in pointing out glaring irregularities committed by the IMA groups and gave clean chits.
Investigation into the expenditure statements of the IMA group has revealed the alleged payments of huge bribes on multiple occasions by the IMA Directors to these officials.
The CBI registered the case on August 30 this year against Mohammad Mansoor Khan, Managing Director IMA group, its entities and others pursuant to the notifications issued by the Karnataka and Central governments.
The multidisciplinary team is being assisted by Chartered accountants, forensic auditors, computer forensic experts, bankers and officials from various other regulatory departments.
The CBI has already filed two chargesheet in this case.