Lawstreet Journal

Karnataka Government Allows CBI To Prosecute Two IPS Officers In Ponzi Scam

Lawstreet Journal 17 Sep 2020 9:16pm

Image courtesy: Lawstreet Journal Executive Karnataka Government Allows CBI To Prosecute Two IPS Officers In Ponzi Scam

The I-Monetary Advisory (IMA) ponzi scam in which thousands of investors were duped of their hard-earned after being promised bumper returns, was handed over to the CBI on 30th August 2019. 

It was the case where an investment banking company named IMA took huge deposits primarily from the members of the Muslim community. The company was run by Mahommed Mansoor Khan who claimed it was a sharia-compliant operation run on Islamic principles. The company stopped giving dividends in March 2019. The investors filed a complaint with the police. In June 2019, SIT was set up by the Government of Karnataka for the investigation of 51,500 complaints filed by the investors. 

As the case was handed over to CBI, the CBI sought the state's permission to prosecute a total of six public servants, including the two IPS officers in question.

The list includes the incumbent Inspector-General of Police (IGP) & Additional Commissioner of Police (Administration) of Bengaluru Hemant Nimbalkar — who then served as the IGP of Criminal Investigation Department (CID), Economic Offences Division (EOD), Ajay Hilori, a commandant in the state reserve police (then Deputy Commissioner of Police – Bengaluru East), E B Sridhara (then Deputy Superintendent of Police, CID in EOD), M Ramesh (then Commercial Street Police Inspector) and P Gowrishankar (then Sub-Inspector of Commercial Street police station).

Hemant Nimbalkar and Ajay Hilori were accused under section 197 of C.r.P.C (Prosecution of Judges and public servants.) & section 170 of Karnataka Police Act 1963 (suits or prosecutions in respect of acts done under… Continue Reading...

Tagged: CBI   Central Bureau of Investigation  
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