IMA scam case: ED officials arrest Congress MLA Zameer Ahmed Khan's nephew Muzamil

Enforcement Directorate (ED) officials on Thursday arrested Congress legislator Zameer Khan's nephew Muzamil. The Central agency raided the houses of Zameer and his nephew Muzamil and former Karnataka minister and Congress leader Roshan Baig. While Baig has been charge-sheeted earlier by CBI, Khan has not been named by any agency to date in connection with the 4,000 crore scam. 

IMA scam

The Karnataka-based investment firm, I Monetary Advisors Group, floated a Ponzi scheme offering investors dream returns to the tune of 36 to 64 percent on investments. So fancy was the scheme that people in thousands came and invested, most intending to convert their black money into white money, but in late 2018, investors started complaining that they were not getting their due, as was promised. Accused of siphoning over 4,000 crores of investors, the chief executive officer, Mohammed Mansoor Khan went underground. He, however, left behind a voice note in which he accused Baig of the fall of the company, alleging that he cheated him. He also named a few other officials after reports suggested that he had gone underground fearing action.

In September 2019, the then-coalition government of Congress and JD(S) appointed a special inquiry committee to look into the situation. The matter was later handed over to the CBI by the BJP government, which came to power after the election. After the CBI filed an FIR, the ED also took cognizance and lodged a money laundering case and arrested Mohammed Mansoor Khan on July 21, 2019. He was sent to judicial custody. However, on 29 October 2020, he was granted bail by the Karnataka High Court on the ground of his ailments for seeking better treatment at the hospital. Further, the former minister Roshan Baig was arrested on November 21, 2020, and was also granted bail after 14-day of custody. 

Three charge sheets and three supplementary charge sheets have been filed against 33 people in the case. These include Baig, Khan, several private persons, and officials from the revenue and police departments. 

Image Credit: PTI