A day after former Karnataka minister and seven-time MLA Roshan Baig was arrested by the Central Bureau of Investigation (CBI) in the IMA Ponzi scheme case, his residence at Coles Park in Bengaluru was raided by the agency. A 12-member team of CBI officials conducted extensive searches at his residence and interrogated Baig’s wife and son.
IMA refers to I Monetary Advisors (IMA), a group of companies allegedly run on Islamic Banking lines which illegally collected thousands of crores in deposits before being exposed as a ponzi scheme in March 2019 after it failed to repay its depositors.
Meanwhile, a report submitted by Harsh Gupta a senior IAS officer appointed to oversee the claims of more than 51,500 depositors who have lost more than Rs 2500 crore in the IMA Ponzi scheme has recommended action against Baig. Incidentally, the preliminary report is dated November 19, just two days before Baig was arrested. Gupta was appointed by the government as special officer and competent authority to oversee all IMA related claims.
The report submitted by the special officer to principal secretary, Revenue Department, Government of Karnataka, says that Baig acted as one of the promoters of the IMA group and ‘benefitted from its business activities’. Numerous business dealings between Baig and the Mohammed Mansoor Khan the chief promoter of IMA have also been uncovered. This includes one of IMA subsidiaries, Mulberry Green Super Market operating out of a building which was leased by Baig.
The former Congress leader’s company Danish Publications is also said to have entered into several business transactions with the IMA Group from which it profited. According to the Karnataka Protection of Interest of Depositors in Financial Establishments Act, the government may attach properties of promoters who have collected money from the public. The state government official who did not want to be identified said that it was working with central agencies to see whether Baig’s properties could be attached to recover money owed to depositors.
{{/usCountry}}The former Congress leader’s company Danish Publications is also said to have entered into several business transactions with the IMA Group from which it profited. According to the Karnataka Protection of Interest of Depositors in Financial Establishments Act, the government may attach properties of promoters who have collected money from the public. The state government official who did not want to be identified said that it was working with central agencies to see whether Baig’s properties could be attached to recover money owed to depositors.
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