New Delhi: After the Karnataka government granted permission to the CBI to probe two senior IPS officers in connection with the I-Monetary Advisory (IMA) scam, the federal agency is most likely to indict the officers for the prosecution, said sources familiar with the development.
According to the CBI's letter to the Karnataka government in December 2019, Hemanth Nimbalkar, the former IGP of Economic Offences, and former Deputy Commissioner of Police (East) Ajay Hilory are the two officers who failed to unearth the scam as they had colluded with the IMA chairman Mansoor Ali Khan.
On January 7, 2020, Chief Minister BS Yeddyurappagranted permission for the prosecution of these IPS officers, a month after the CBI wrote to the Karnataka government
“While examining the facts and circumstances of this case about the allegations, prima facie, a case has been filed against these two officers and they should be investigated over these offences,” CM Yeddyurappa's letter stated.
Though the CBI had filed a charge sheet in connection with the case in August last year, it did not name these IPS officials as the state government did not give nod. Instead, the charge sheet had the names of Mansoor Ali Khan, and 19 other accused including seven company directors, five members, an auditor, a private person and five private group companies -- for alleged criminal conspiracy, cheating among additional charges under the IPC.
In December 2019, the CBI sought Karnataka government’s sanction to prosecute these IPS officers in connection with the case.
"The CBI’s investigations and evidence collected have prima facie that these officers have indulged into the offences under section 7 and 11 of the Prevention of Corruption (Amendment) Act 2018 – pertaining of discharging their official functions and duties as public servants," the CBI mentioned in its letter submitted to the Karnataka government.
It is noted Hemanth Nimbalkar was the supervising officer of CID economic offences wing while investigating the IMA case. The inquiry team of Ajay Hilory had given a clean chit to IMA director Mansoor Ali Khan.
The CID had given the clean chit because no unauthorized deposits were collected and investments of partners, limited liability, and partnership are exempted under the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004.
However, the CBI sources noted that Rs.4,000 crores of deposits were illegally raised by the IMA from their investors.
The case came to the limelight after an SIT probe and which was later taken over by the CBI in 2019.
The IMA Company was founded in 2013. Within years it diversified its business into gold jewellers, publications, real estate and bullion trading. IMA attracted thousands of investors by promising high returns.
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