BENGALURU: Almost a year after I Monetary Advisory (IMA) scam broke out, the Central Bureau of Investigation (CBI) in Bengaluru has registered a case against two Indian Police Service (IPS) officers and other officers accusing them of accepting illegal gratification to favour the Ponzi firm.
The CBI’s Anti-Corruption Bureau registered the case on Saturday after the government gave the nod to prosecute the IPS officers.
The FIR names, among others, Ajay Hilori, then DCP (East); Hemant Nimbalkar, then IGP, CID; EB Sridhara, then DySP of economic offences wing of CID; M Ramesh, then inspector of Commercial Street police station; Gowri Shankar, then sub-inspector of the same police station; and IMA founder director Mohammed Mansoor Khan.
The third FIR registered by CBI in the case said that despite receiving many RBI alerts, police officers were reluctant to act against IMA because they had received illegal gratification.
RBI repeatedly flagged issue of unauthorised collection
The RBI reference was received by then Commercial Street police inspector M Ramesh through Hilori. But Ramesh closed the reference, observing that IMA was operating within the rules.
According to the CBI, the Reserve Bank of India (RBI) time and again, since 2016, flagged the issue of unauthorised collection of funds by the IMA Group entities from the public at successive state level co-ordination committee meetings.
Hilori, who received Ramesh’s closure report in January 2017, did not take any action on it for almost four months. Another report dated May 12, 2017 from Ramesh with the findings was forwarded to the Bengaluru additional commissioner of police (crime). This report was not accepted by RBI and Hilori was asked to re-look into the matter. Hilori, however, did not take any action on the several references against IMA but before his transfer he closed the RBI reference stating that the matter had been dealt by the CID.
In July 2018, the state police chief directed IGP, CID, to take necessary action against IMA group and its directors for collecting unauthorised deposits from thousands of depositors. But EB Sridhara, then DySP, CID, Economic offences, submitted a report on January 1, 2019, stating that there were no instances of collecting unauthorised deposits by IMA and it was receiving capital investments from its partners through limited liability partnerships (LLPs).
Nimbalkar, then IGP, CID, forwarded Sridhara’s inquiry report to the state police chief on January 18, 2019, seconding the findings. However, this report was not accepted by RBI. which sought a comprehensive enquiry by CID. But Nimbalkar asserted that there was no requirement to re-look into the issue and again sent his earlier report to the DGP.
According to CBI, IMA group had collected Rs 2,472 crore money from 50,700 depositors. In 2015, a social activist had alerted police about the IMA scam, but his petition was turned down without proper inquiry. From 2016, despite alerts by RBI to state police, the officials have filed closure report stating that the firm was carrying out business under the purview of law.
The CBI’s Anti-Corruption Bureau registered the case on Saturday after the government gave the nod to prosecute the IPS officers.
The FIR names, among others, Ajay Hilori, then DCP (East); Hemant Nimbalkar, then IGP, CID; EB Sridhara, then DySP of economic offences wing of CID; M Ramesh, then inspector of Commercial Street police station; Gowri Shankar, then sub-inspector of the same police station; and IMA founder director Mohammed Mansoor Khan.
The third FIR registered by CBI in the case said that despite receiving many RBI alerts, police officers were reluctant to act against IMA because they had received illegal gratification.
RBI repeatedly flagged issue of unauthorised collection
The RBI reference was received by then Commercial Street police inspector M Ramesh through Hilori. But Ramesh closed the reference, observing that IMA was operating within the rules.
According to the CBI, the Reserve Bank of India (RBI) time and again, since 2016, flagged the issue of unauthorised collection of funds by the IMA Group entities from the public at successive state level co-ordination committee meetings.
Hilori, who received Ramesh’s closure report in January 2017, did not take any action on it for almost four months. Another report dated May 12, 2017 from Ramesh with the findings was forwarded to the Bengaluru additional commissioner of police (crime). This report was not accepted by RBI and Hilori was asked to re-look into the matter. Hilori, however, did not take any action on the several references against IMA but before his transfer he closed the RBI reference stating that the matter had been dealt by the CID.
In July 2018, the state police chief directed IGP, CID, to take necessary action against IMA group and its directors for collecting unauthorised deposits from thousands of depositors. But EB Sridhara, then DySP, CID, Economic offences, submitted a report on January 1, 2019, stating that there were no instances of collecting unauthorised deposits by IMA and it was receiving capital investments from its partners through limited liability partnerships (LLPs).
Nimbalkar, then IGP, CID, forwarded Sridhara’s inquiry report to the state police chief on January 18, 2019, seconding the findings. However, this report was not accepted by RBI. which sought a comprehensive enquiry by CID. But Nimbalkar asserted that there was no requirement to re-look into the issue and again sent his earlier report to the DGP.
According to CBI, IMA group had collected Rs 2,472 crore money from 50,700 depositors. In 2015, a social activist had alerted police about the IMA scam, but his petition was turned down without proper inquiry. From 2016, despite alerts by RBI to state police, the officials have filed closure report stating that the firm was carrying out business under the purview of law.
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