Bengaluru: Former Congress minister R Roshan Baig was arrested by the CBI here on Sunday in connection with the multi-crore I-Monetary Advisory (IMA) ponzi scam.
Baig, a disqualified MLA of the Congress, was summoned to the CBI office on Sunday morning and "based on material evidence, he has been arrested," officials said.
The former Shivaji Nagar MLA was produced before a court which remanded him to judicial custody, the sources added.
The multi-crore ponzi scheme run by Karnataka-based IMA and its group entities allegedly duped over a lakh of people to the tune of Rs 4,000 crore promising higher returns using Islamic ways of investment.
The scam came to light in June last year when the IMA operator Mohammed Mansoor Khan fled the country accusing Baig and some government officers of cheating him.
Khan had alleged that Baig had taken about Rs 400 crore from him, a charge rejected outright by the latter.
(With inputs from PTI)
