Karnataka: Government sanctions CBI to prosecute two top IPS officers in IMA scam

The I-Monetary Advisory or IMA & as it was popularly known operated Ponzi schemes where thousands of gullible investors were duped of their hard-earned money after being promised exorbitant returns on their investment. They sold these schemes under the banner of Islamic investment.

After several victims began approaching the cops, the head of IMA fled the country after cops began investigating. He was brought back to India by the Karnataka police & soon the case was handed over to the CBI.

After the CBI began investigating the matter, they have landed on evidence & statements linking two IPS officers to an alleged role in aiding the Ponzi scheme. A few months ago, the CBI sought permission from the state govt to prosecute Hemanth Nimbalkar & Ajay Hilori. The Government of Karnataka order that has sanctioned CBI to prosecute two senior officers.

CBI had searched offices & residences of the two officers earlier in connection to the case. While the CBI believes Hemanth Nimbalkar, the then IGP, CID Bengaluru, had given a clean chit to IMA when an inquiry had landed in his table, Ajay Hilori, the then Deputy Commissioner West Zone, is said to have demanded & accepted illegal gratification from Mansoor Ali Khan, the main accused & head of IMA.

In the order dated 9th September 2020, the govt said: “In the circumstances explained in the preamble, Government of Karnataka hereby accords sanction to prosecute Sri Hemant M. Nimbalkar, IPS (KN 1998), the then IGP, CID Bengaluru and Shri Ajay Hilori, IPS (KN 2008), the then Deputy Commissioner of Police (East) Bengaluru under section 197 of Criminal Procedure Code and also under section 170 of Karnataka Police Act 1963 in Crime No. RC14 (A72019 / CBI / ACB / BLR for the offences punishable under section 120 – B read with 420, 406, 409 IPC and under section 9 of Karnataka Protection of Interest of Depositors in Financial Establishment (KPIDFE) Act 2004.”

Government has further sanctioned prosecution of three more police officers in IMA scam- DSP EB Sridhar,  Inspector M Ramesh and sub-inspector Gowrishankar.

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