On Monday, the Govt of Karnataka permitted the CBI to prosecute 2 senior IPS officers Hemant M Nimbalkar & Ajay Hilori in the I-Monetary Advisory (IMA) ponzi scam in which several thousand investors have lost at least Rs 5000 crore.
IMA was an investment banking company run by Mahommed Mansoor Khan who claimed it was a sharia-compliant operation run on Islamic principles & which took huge deposits primarily from members of the Muslim community. When IMA stopped paying dividends in March 2019, investors lodged complaints with the police & in June 2019, the Govt of Karnataka set up an SIT to investigate the more than 51,500 complaints which had been filed by investors.
On 30 Aug 2019, the investigation had been transferred to Central Bureau of Investigation which after a probe sought permission of the State Govt to prosecute Hemant Nimbalkar who was then IGP, CID & Ajay Hilor who was Deputy Commissioner East under section 197 of CPC & section 170 of the Karnataka Police Act 1963, for extending favours & protecting interests of the IMA promoters.
The CBI has said Nimbalkar favoured Mansoor Khan & IMA by preventing a proper enquiry into its affairs. Ajay Hilori has been accused of accepting illegal gratification for extending favours to Khan & IMA. The permission by the State Govt has been given to CBI vide a letter dated Sept 11, which was made public today. Incidentally, Nimbalkar’s wife Anjali is the sitting Congress MLA from Khanpur assembly segment of Belgavi.
Neither Hemant Nimbalkar nor Ajay Hilori were available to comment on the Govt’s decision to allow CBI to prosecute them.
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