IMA scam: CBI names K’taka IPS officers, 26 others in chargesheet

Bengaluru, Oct 17 : The Central Bureau of Investigation on Saturday filed an additional chargesheet against 28 accused persons, including five police officers, in connection with the multi-crore IMA scam. The police officers named in the chargesheet include IGP Hemanth Nimbalkar and DCP Ajay Hilori.
The investigation pertains to the I-Monetary Advisory, popularly known as IMA ponzi scam, in which thousands of gullible depositors were duped of their hard-earned money after being promised bumper returns.
The other officers named in the chargesheet include the then Inspector M. Ramesh and Sub-Inspector Gowri Shankar, working at the Commercial Street police station, and E.B. Sridhara, Deputy Superintendent of Police, CID Economic Offences Wing.
The CBI in its chargesheet stated that the accused did not take necessary action under the law, including the Karnataka Protection of Interest of Depositors in Financial Establishment Act, 2004 (KPIDFE Act).
“Instead they had given clean chit and recommended closure of the complaints stating that the said private company had not indulged in any illegal act,” the CBI statement read.
The IMA scam involves unauthorised deposits allegedly collected from a large number of depositors to the tune of Rs 4,000 crore. The illegal activities of the I-Monetary Advisory had continued unabated leading to several thousands of investors losing crores of rupees, the statement said.