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Updated August 5th, 2021 at 15:48 IST

IMA scam case: ED raids residence of former Karnataka Congress minister Roshan Baig

ED officials raided the houses of former Karnataka minister and Congress leader Roshan Baig and Chickpet MLA BZ Zameer Ahmed Khan on Thursday.

Reported by: Rohit Ranjan
ED
Image Credit: @ANI- Twitter Image | Image:self
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Enforcement Directorate (ED) officials raided the houses of former Karnataka minister and Congress leader Roshan Baig and Chickpet MLA BZ Zameer Ahmed Khan on Thursday in connection with the I-Monetary Advisory (IMA) investment scandal. The ED officials raided Baig's home in Pulikeshinagar's Coles Park. Baig, a seven-time Congress MLA from Bengaluru's Shivaji Nagar constituency, was arrested by the Central Bureau of Investigation (CBI) on November 22 last year. 

IMA scam case

I-Monetary Advisors of Karnataka folded in May 2019 as it could not refund deposits or dividends it had fraudulently accepted. At the time of his arrest, the principal accused, Mohammed Mansoor Khan, managing director and chief executive officer of the IMA Group of firms, said that Baig had defrauded him of Rs 400 crore and compelled him to give him costly automobiles and jewellery. He also mentioned a few more government officials. After that, the former minister denied the charge.

Following rumours that he had gone underground fearing investments worth crores from over 50,000 investors in the Ponzi scheme, the Enforcement Directorate filed a money laundering case against the IMA group of firms and the principal accused in the case, Mohammed Mansoor Khan. The ED launched a money-laundering investigation after the CBI filed an FIR. Both Baig and Khan were released on bail. And detectives have been working to retrieve the depositors' money. 

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. Following the state government's agreement, the CBI has arraigned an IAS officer, two IPS officers, a KAS officer, and a corporation as accused in the case.

Congress party dismissed Baig in 2019

Baig was from the Congress party in June 2019. Baig had also attempted to join the BJP, where he was not accepted. The Karnataka High Court recently seized Baig's immovable assets.

(Inputs from ANI)

Image Credit: @ANI- Twitter Image

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Published August 5th, 2021 at 15:48 IST

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