The Enforcement Directorate (ED) on Thursday carried out searches towards former Karnataka minister Roshan Baig and a Congress MLA in reference to a cash laundering investigation into the alleged Rs 4,000 IMA ponzi rip-off, officers mentioned.
They mentioned a number of premises of Roshan Baig and his associates are being raided by the company underneath the provisions of the Prevention of Money Laundering Act (PMLA).
Two of his premises in Shivajinagar of Bengaluru and that of Congress MLA from Chamrajpet in Bengaluru, B Z Zameer Ahmed Khan, and a journey firm linked to him are being searched.
Searches had been additionally carried out in some areas in Mumbai.
The Congress MLA is said to have had a purported property transaction with then MD of IMA Group Mansoor Khan. This transaction was declared by Zameer Ahmed Khan in his election affidavit.
Roshan Baig, earlier arrested by the Central Bureau of Investigation (CBI) on this case, was suspended from the Congress after the alleged rip-off got here to mild.
Roshan Baig is out on bail at current.
The Enforcement Directorate motion is linked to its probe within the 4000-crore I-Monetary Advisor (IMA) alleged ponzi rip-off case, taking cognisance of a CBI FIR and a cost sheet.
The CBI, in April, had filed a cost sheet earlier than a particular CBI courtroom in Bengaluru and had named Baig, Mansoor Khan, IMA Group and Roshan Baig’s firm Daanish Publications and others.
“It was alleged that the accused former minister received several crores of rupees from IMA funds for election expenditure.
“It was additional alleged that the accused was additionally utilising the mentioned funds for day-to-day expenditure, together with salaries of workers of his agency. It was additionally alleged that the accused has spent the funds for varied social and cultural actions in his constituency to extend his reputation,” a CBI spokesperson had said in a statement post the filing of the charge sheet.
The alleged IMA scam pertains to over Rs 4,000 crore collected by IMA Group from over a lakh gullible investors in the name of providing attractive returns on investment.
The CBI has alleged that the money was diverted to Roshan Baig, a minister in the erstwhile Congress government, led by Siddaramaiah, so that the IMA Group could continue its illegal activities, CBI officials had said.
The CBI had registered four cases in connection with the scam and has filed multiple charge sheets against 33 accused, company directors, several revenue and police officials.
“It was alleged that the mentioned Group had raised unauthorised deposits and cheated India07 by failing to repay the principal and in addition to the promised returns.
“These funds were allegedly diverted for acquiring properties, paying bribe amounts, etc. Several properties, including moveable and immovable, were identified and attached under KPIDFE (Karnataka Protection of Interest of Depositors in Financial Establishments) Act, 2004 by the competent authority,” the CBI had mentioned.
(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)