Saturday, August 8, 2020
Home News Reports IMA 'Halal' ponzi scam: Senior IAS officer accused of corruption found hanging at his...

IMA ‘Halal’ ponzi scam: Senior IAS officer accused of corruption found hanging at his residence in Bengaluru

Vijay Shankar was earlier arrested by the Special Investigation Team (SIT) on July 8, 2019, for his alleged involvement in the Rs 4,000 crore IMA scam. He was incarcerated under judicial custody at Parappana Agrahara jail in Bengaluru.

In a shocking development, senior IAS officer BM Vijay Shankar, one of the accused in the multi-crore I-Monetary Advisory (IMA) ‘halal’ investment scam, has ended his life in his Jayanagar residence in Bengaluru on Tuesday evening.

According to the reports, former Deputy Commissioner (DC) of Bengaluru Urban BM Vijay Shankar, who was under suspension for his alleged role in the IMA Ponzi scheme, allegedly committed suicide at his residence by hanging himself.

Bengaluru police commissioner Bhaskar Rao has informed, “Vijay Shankar, former DC of Bengaluru committed suicide by hanging himself. He was . It was an unnatural death and we are investigating the case.”

Vijay Shankar was earlier arrested by the Special Investigation Team (SIT) on July 8, 2019, for his alleged involvement in the Rs 4,000 crore IMA scam. He was incarcerated under judicial custody at Parappana Agrahara jail in Bengaluru.

Later that month, Shankar was granted bail by a special court for cases under the PMLA. Later the CBI took over the investigation on August 30, 2019, and filed at least three FIRs in the case. The investigative agency had filed the first charge-sheet against IMA founder Mansoor Khan and 19 others. It had named Vijay Shankar as an accused in the third FIR. 

Initially, the Karnataka government had appointed Vijay Shankar and LC Nagaraj to investigate the complaints against IMA group under the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, 2004.

Later, the CBI had found that both Vijay Shankar and Nagaraj had submitted a report to the government favouring IMA, which had duped thousands of people by running a Ponzi scheme. The officers were accused of accepting bribes from the IMA directors to give a favourable report. The probe had stated that Vijay Shankar had allegedly received an amount of Rs 1.50 crore.

On June 11, 2020, the CBI had requested sanction from the state government to prosecute Vijay Shankar and two other officers in the ponzi scam.

IMA halal investment scam

The IMA halal Ponzi scheme was run by the founder of IMA group Mohammed Mansoor Khan and his associates, who duped lakhs of people by promising higher returns using Islamic way of investment. The IMA promoter has been charged for running the Ponzi scheme, which allegedly duped 40,000 investors to the tune of over Rs 4,000 crore. 

The IMA scam is one of the biggest money laundering and financial fraud cases unearthed in Karnataka recently. Around 40,000 investors reportedly lost their money in this scam. IMA Managing Director Mohammad Mansoor Khan had attracted investors, especially Muslims, by offering an investment scheme that appeared to follow Islamic precepts and provided lucrative returns.

More than 41,000 complaints were registered by investors accusing IMA directors of committing fraud after the firm closed in May 2019 and ceased to pay dividends. 

The names of few Congress leader had also surfaced for their alleged involvement in the Ponzi scheme, making it a high-profile case. Senior Congress leaders like BZ Zameer Ahmed Khan, former Congress MLA Roshan Baig, Congress legislator from Khanapur in Belagavi Anjali Nimbalkar’s husband and Karnataka IPS officer, Hemant Nimbalkar’s name had also surfaced in the investigation.

Two Karnataka cadre IPS officers Hemanth Nimbalkar and Ajay Hilori along with three police personnel were also booked by the Central Bureau of Investigation in the Rs 4,000 crore IMA scam. 

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Hindus, the last standing major pagan culture in the world: Hagia Sophia, AIMPLB and why secularism is a scam

While Muslim majority Turkey wants to intervene in Kashmir, AIMPLB talks about the Hagia Sophia even as it wags its finger at the Supreme Court

“Ghus ke maro salo ko”: Muslims clashed with Hindus objecting to Ram Pujas on 5th August in West Bengal

Muslims came out in large numbers in Kolkata to prevent Hindus from celebrating the Ram Mandir Bhoomi Pujan on 5th August

Child abuse? Netizens react as co-founder of AltNews shares the photo of an underage girl to intimidate the grandfather

Responding to a tweet by a Twitter user, Md Zubair chose to target the young girl seen in the profile image of the user instead of replying

‘Kashi Mathura Baki Hai’: Krishna Janmabhoomi Nirman Nyas set up in Mathura, 80 sadhus from 14 states named as members

The original Keshavnath Temple was destroyed by Aurangzeb and the Shahi Idgah Mosque was built on its plinth.

Senior lawyer K Parasaran who fought Ram Mandir case is not on Twitter, colleagues clarify after fake account gets followers

One of those heroes who rose to the challenge and was instrumental in the reclamation of Ram Janmabhoomi is 93-year-old K Parasaran, who successfully led the legal fight of Hindus

Palghar case: Maharashtra govt to file status report, SC asks for inquiry report against cops who handed over Sadhus to mob

SC asked the Maharashtra govt to file a status report in connection with the brutal lynching of two Hindu sadhus and their driver in Palghar on April 16.

Recently Popular

Pakistan borrows $1 Billion from its all-weather ally China to repay $1 Billion Saudi Arabia loan to avoid default on international debt obligations

China tightens its grip over Pakistan, gives $1 billion loan to repay Saudi Arabia's $1 billion loan, grants 90% of $6.8 billion railway project

Twitter user arrested by Maharashtra police for criticising the Uddhav Thackeray govt on social media

Mumbai Police arrested Twitter user Sunaina Holey for posting against Maharashtra CM and his son, to be presented in court today

Child abuse? Netizens react as co-founder of AltNews shares the photo of an underage girl to intimidate the grandfather

Responding to a tweet by a Twitter user, Md Zubair chose to target the young girl seen in the profile image of the user instead of replying

Muslims chose to stay back in India: An analysis of the mythical, unsubstantiated trope that is used to make Hindus feel guilty

Muslims who stayed back in India after the partition, did not primarily do so out of their innate love for mother India

Sunaina Holey, arrested by Mumbai police a day after getting bail in the same ‘offence’, released after lawyer raises alarm: Read details

Vivekananda Gupta, lawyer of Sunaina Holey, has dubbed the arrest by the Maharashtra Police illegal.

While most Bollywood actors and cricketers chose not to welcome Ram Mandir, here are the ones who did not shy away

Only a few actors and sportspersons celebrated Ram Mandir Bhoomi Pujan and shared wishes on social media.

India cites Pakistani patronage to Dawood Ibrahim’s D-company in a fresh FATF appeal at the UNSC

India raises the issue of Pakistan shielding D-Company boss Dawood Ibrahim at the United Nations Security Council

Uttar Pradesh: Hindu activists block highway, demand arrest of Md Arif, Shadab and others for communal posts on Facebook on Bhoomi Pujan

The Hindu activists demanded that immediate action must be taken aginst the Muslim youths for their communal posts

The KGB ties of Indira Gandhi: How India became a puppet of USSR during the Cold War

Mitrokhin Archives are considered to be the most sensational coutner-intelligence documents that have blown the whistle on several countries.

Eid in Balochistan: Another Eid and another protest by Baloch people seeking release of their loved ones abducted by Pakistani military

For the last 10 years on every Eid, families of Baloch missing persons have been protesting on the first days of Eid seeking their return

Sunaina Holey, arrested by Mumbai police a day after getting bail in the same ‘offence’, released after lawyer raises alarm: Read details

Vivekananda Gupta, lawyer of Sunaina Holey, has dubbed the arrest by the Maharashtra Police illegal.

Rajiv Gandhi did not want Ram Mandir dispute to be settled, withdrew support after Chandra Shekhar had resolved the age-old issue: Claims upcoming book

Rajiv Gandhi did not want Ram Mandir-Babri Masjid dispute to be resolved as he did not want Chandra Shekhar to take credit for the same

Hindus, the last standing major pagan culture in the world: Hagia Sophia, AIMPLB and why secularism is a scam

While Muslim majority Turkey wants to intervene in Kashmir, AIMPLB talks about the Hagia Sophia even as it wags its finger at the Supreme Court

Kerala nun rape case: Rape-accused Bishop Franco granted bail again by Kottayam trial court

The court will now hear the case on August 13, 2020, when the charge-sheet will be read out in the court.

Modi govt abolishes textile board with ‘activists’ and ‘experts’ pontificating, to get work done through institutes like NIFT instead

The Handloom Board was an ornamental board that had activist and experts who essentially pontificated without doing any real ground work

Bollywood: Rapper Badshah questioned by Mumbai police crime branch over fake follower scam

As per reports, there are over 170 high-profile stars who have allegedly paid to gain fake followers on social media.

Connect with us

239,250FansLike
423,962FollowersFollow
293,000SubscribersSubscribe