The Central Bureau of Investigation (CBI) on Monday raided the Bengaluru residence of former Congress minister Roshan Baig, who was arrested by the federal company in reference to a Rs 2,500 crore ponzi scheme on Sunday.
A group of 12 CBI officers has been looking out Baig’s premises in Coles Park since morning. The seven-time MLA was arrested on Sunday after being quizzed for almost 10 hour and has been remanded to 14 day-judicial custody. He is at the moment lodged in Parapanna Agrahara jail.
Karnataka-based I Monetary Advisors (IMA), an funding agency purportedly run in compliance with Islamic banking guidelines, collapsed in May final yr after it couldn’t repay both the deposits or dividends on the deposits it had illegally accepted. IMA co-founder Mohammed Mansoor Khan on the time of his arrest had alleged that Baig had cheated him of Rs 400 crore and compelled him to reward costly automobiles and jewelry. He had additionally named another authorities officers.
The former minister had then rejected the cost and claimed that apart from some donations to Haj facilitation facilities, he had not accepted any cash. Over 51,500 depositors are stated to have misplaced roughly Rs 2,500 crore collected by IMA and its subsidiaries in the ponzi scheme.
The then coalition authorities of Congress and JD(S) had shaped a particular investigation group to probe the matter in September 2019. However, the BJP authorities which got here to energy later handed over the case to the CBI. The CBI has arraigned an IAS officer, two IPS officers, a KAS officer and a corporator as accused amongst others in the case after the state authorities gave permission for prosecuting them.
Baig was suspended from the Congress social gathering in June 2019 after he criticized the chief of opposition Siddaramaiah in addition to then KPCC president Dinesh Gundu Rao. Baig had additionally tried to hitch the BJP. He, nevertheless, was not inducted into BS Yediyurappa’s social gathering, in contrast to 16 different disqualified legislators of Congress and JDS, whose revolt led to the collapse of the HD Kumarasamy led coalition authorities final yr.
(With company inputs)