I Monetary Advisory: CBI probe may spell trouble for netas, officials

Bengaluru: The CBI investigation into the multi-crore I Monetary Advisory (IMA) ponzi scam could see several top bureaucrats and politicians bite the dust, according to highly placed sources .

The CBI had taken kingpin of the IMA scam, Mohammad Mansoor Khan and seven others into custody on Thursday. In its chargesheet it said that he paid huge bribes to public servants and others as protection money to carry out his illegal activities.

While the agency is likely to grill several IPS, IAS and KAS officers, who allegedly gave protection to the IMA company in return for huge bribes, trouble could also be brewing for Congress leader, Zameer Ahmad Khan and disqualified legislator, Roshan Baig in connection with the case, sources reveal.

The CBI has formed a 12-member Multi Disciplinary Investigation Team (MDIT) comprising its investigators, chartered accountants, a forensic auditor, computer forensic experts and bankers to carry out a fool-proof investigation and nail the white collared criminals, who are still serving in the Vidhana Soudha, Vikas Soudha and MS Buildings, say sources.

The 20 accused named in the chargesheet are IMA managing director, Mohammed Mansoor Khan, seven directors and five members of the company, an auditor, five private companies based in Bengaluru and a private individual. Cases have been filed against them under section 120B read with sections 406, 409, 420, and 477 A of the IPC in the designated court in Bengaluru.

It is alleged that the accused not only rotated a portion of deposits received to distribute among the investors as profit, but also misappropriated most of the deposits to acquire assets, both for themselves and in the names of family members.

While the CBI has submitted a preliminary chargesheet to the court to prevent the accused from being released on bail, it plans to present the detailed chargesheet after completion of the investigation, add sources.