The Central Bureau of Investigation (CBI) on Monday raided the Bangalore residence of former Congress minister Roshan Baig, who was arrested by the federal agency on Sunday in connection with the Rs 2,500 crore Ponzi scheme.
A team of 12 CBI officials has been searching Baig’s hideouts at Coles Park since morning. The seven-time MLA was arrested on Sunday after questioning for nearly 10 hours and was sent to 14 days judicial custody. He is currently lodged in Parapanna Agrahara jail.
Karnataka-based I Monetary Advisors (IMA), an investment firm that allegedly runs in compliance with Islamic banking regulations, either failed to repay deposits or dividends after being demolished in May last year or illegally On accepted deposit. IMA co-founder Mohammad Mansoor Khan alleged at the time of his arrest that Baig had cheated him of Rs 400 crore and forced him to gift expensive cars and jewelry. He also named some other government officials.
The former minister had then dismissed the allegation, claiming that apart from some donations to the Hajj facility centers, he did not accept any money. More than 51,500 depositors are said to have lost about Rs 2,500 crore collected by IMA and its subsidiaries in the Ponzi scheme.
In September 2019, the then coalition government of Congress and JD (S) formed a special investigation team to investigate the matter. However, the BJP government, which came to power later, handed over the case to the CBI. After the state government allowed them to prosecute, the CBI made one IAS officer, two IPS officers, one KAS officer and one corporator accused among others in the case.
Baig was suspended from the Congress party in June 2019 as he criticized Leader of the Opposition Siddaramaiah as well as KPCC President Dinesh Gundu Rao. Baig also attempted to join the BJP. However, he was not included in the party of BS Yeddyurappa, unlike the Congress and 16 other disqualified MLAs from the JDS, whose rebellion led to the collapse of the HD Kumarasamy-led coalition government last year.
(With agency inputs)
STAY TUNED WITH US FOR MORE INTERESTING CONTENT ONLY ON DESINEW.XYZ