Ponzi scam: CBI seeks nod to prosecute cops

Tribune News Service

New Delhi, December 19

Readying to file a supplementary chargesheet in the case relating to multi-crore ponzi scheme run by I-Monetary Advisory (IMA) and its group entities, the CBI has sought sanction to prosecute five policemen and a Karnataka government official.

The case pertains to allegedly duping lakhs of people promising higher returns using Islamic ways of investment. So far, the federal probe agency has filed two chargesheets against 22 accused, including directors, chartered accountants, middlemen and the company, as well as its sister concerns.

Officials in the CBI said the agency had written to the Karnataka Government seeking permission to prosecute IPS officers Hemant Nimbalkar of 1998 batch and Ajay Hilori of 2008 batch. The residences of the two officers were searched by the CBI earlier this year.

While Nimbalkar was posted as the then Inspector General of Economic Offences, Hilori was the then Deputy Commissioner of East Bengaluru.

Other than the two IPS officers, the CBI has also sought sanction to prosecute the then Deputy Superintendent of Police, CID, EB Sridhara; Inspector and SHO, Commercial Street police station, M Ramesh; Sub-Inspector of the station P Gowrishankar; and then Assistant Commissioner, Bengaluru North, LC Nagaraj, it is learnt.

The officials also confirmed that once the CBI received nod from the government, it would file a supplementary chargesheet.

The CBI has alleged that these public servants had conducted inquiries against the IMA group entities, furnished favourable reports and had given clean chits, as a result no action was initiated against the company, which let the fraud continue unhindered, the officials said.