Roshan Baig, a former Congress minister in Karnataka, was on Sunday arrested by the CBI in reference to the Rs 4,000-crore IMA ponzi rip-off. He was later produced in a courtroom and despatched to a 14-day judicial custody.
Roshan Baig was summoned to the CBI workplace and based mostly on “material evidence”, he was arrested, the company mentioned.
The rip-off linked to a ponzi scheme run by the Bengaluru-headquartered IMA Group got here to mild in June 2019, when funds to buyers within the firm’s schemes abruptly stopped. The founder, Mansoor Khan, later fled overseas, leaving hundreds of buyers within the lurch. He was arrested a month later.
While overseas, Mansoor Khan had launched an audio message accusing Roshan Baig of taking Rs 400 crore from him and never returning it.
Roshan Baig had refuted the allegation, saying the assertion was “frivolous, baseless and mischievous.”
In 2019, he was expelled from the Congress for criticising the state get together management over its dismal efficiency within the basic election.
The MLA had seen his title being dragged within the case as a fallout together with his adversaries within the Congress, which was in energy when the case was filed.
Roshan Baig was among the many MLAs whose revolt led to the collapse of the JDS-Congress authorities. He was, nevertheless, not inducted into the BJP like others.
In June this yr, responding to violence in Karnataka, Roshan Baig had alleged that the Congress patronised “extreme radical” organisations for over a decade.
The Karnataka authorities has began a scheme for the IMA ponzi scheme buyers to recuperate their cash.
“We are inviting claim applications from the depositors of IMA. Applications can be submitted for a month starting November 25. Any claim application received after December 24 will not be acceptable. Applications can be submitted online, or people can submit their applications at Bangalore One or Karnataka One help centres,” Harsh Gupta, Special Officer and Competent Authority within the IMA case, had mentioned.
With inputs from PTI