Mohammed Mansoor Khan, who is accused of cheating 40,000 investors to the tune of Rs2,000 crore, fled India early in June and is suspected to be in Dubai.
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.
Documents available with the Registrar of Companies, which were accessed by HT, show the companies Bengaluru-based IMA ran did not earn enough profits to pay back investors. In fact, contrary to Khan’s claim, no companies of his had been registered with the Ministry of Corporate Affairs before 2013, when IMA Private Limited was registered.