The CBI filed a supplementary charge sheet against former Karnataka minister Roshan Baig on Tuesday in connection with the ₹4000-crore I-Monetary Advisor (IMA) ponzi scam case, officials said.
Also read: IMA scam: Roshan Baig granted bail
The Central Bureau of Investigation (CBI) has filed a supplementary chargesheet against former Karnataka Minister Roshan Baig and others in the I Monetary Advisory (IMA) case.
Among those arraigned are Mr. Baig’s company, Danish Publications; Mohammed Mansoor Khan, managing director of IMA-Bengaluru; and its other directors. The IMA group has also been named.
The agency has alleged that the former Minister received several crores from the IMA for election-related expenditures. He allegedly used the funds for day-to-day expenses, including the salaries of his firm’s employees.
According to the CBI, Mr. Baig also spent the IMA funds for various social and cultural activities in his constituency to increase his popularity.
IMA funds to the tune of ₹4,000 crore was raised from about one lakh investors on false premises.
While a part of the funds was diverted to Mr. Baig, a significant portion was used to acquire properties, besides paying bribes. The competent authority has attached several such properties under the Karnataka Protection of Interest of Depositors in Financial Establishment Act.
The CBI has registered four cases in connection with the alleged scam. The agency had earlier filed three chargesheets and three supplementary chargesheets against 33 accused persons, including revenue and police officials.