Official who gave clean chit to IMA held for bribery: Cops

In a note issued by the SIT, the team said that Nagaraj, who was tasked with looking into IMA after the Reserve Bank of India raised concerns about the firm, had taken the bribe to submit a report favouring the firm.

The Special Investigation Team looking into the IMA ponzi scandal on Friday arrested Assistant Commissioner of Bengaluru North division LC Nagaraj after it found that he had taken a bribe from the firm.

In a note issued by the SIT, the team said that Nagaraj, who was tasked with looking into IMA after the Reserve Bank of India raised concerns about the firm, had taken the bribe to submit a report favouring the firm. (himanshu vyas\ hindustan times)

“The SIT on Friday arrested LC Nagaraj Assistant Commissioner, North sub-division, in the IMA case, on charges of receiving a bribe of ₹4.5 crore,” said S Girish, deputy commissioner of police (crime), who is the investigating officer.

In a note issued by the SIT, the team said that Nagaraj, who was tasked with looking into IMA after the Reserve Bank of India raised concerns about the firm, had taken the bribe to submit a report favouring the firm.

“Without undertaking a proper investigation into IMA and hiding the actual situation in the company, Nagaraj submitted a report favouring Mohammed Mansoor Khan. For this, he received a bribe of ₹4.5 crore,” the SIT said.

Nagaraj had issued a public notice in November inviting complaints from the company’s investors, but had claimed earlier that nobody had come forward.

So far, the police has received around 42,000 complaints from investors, since Khan absconded on June 7, sparking a panic run by investors looking to withdraw their money from the Islamic investment company.