IAS officer BM Vijay Shankar, investigated over allegations of bribery within the Rs 4,000-crore IMA Ponzi Rip-off was discovered useless at his residence in a fancy Bengaluru neighbourhood on Tuesday night. The police confirmed suicide.
Vijay Shankar was arrested final yr by a Particular Investigation Crew inquiring into the IMA or I-Financial Advisory rip-off during which hundreds of buyers had been cheated with presents of upper returns utilizing Islamic methods of funding.
The previous Deputy Commissioner of Bengaluru City was later launched on bail.
“Vijay Shankar dedicated suicide by hanging himself. He was accused of taking bribe of Rs 1.5 crore in IMA rip-off. It was an unnatural dying and we’re investigating the case,” stated Bengaluru Police Commissioner Bhaskar Rao.
Vijay Shankar was accused of accepting bribe to cowl up the fraud when he was requested by the federal government to inquire into the IMA scheme.
His suspension was revoked lately and he had served for a couple of week within the state authorities’s Sakala Fee
Final month, the Central Bureau of Investigation (CBI) sought the Karnataka authorities’s permission to prosecute the officer together with two others.
The principle accused within the rip-off is Mohammad Mansoor Khan, who began the ponzi scheme in 2013. A probe by the CBI had revealed that IMA group entities had raised unlawful and unauthorised deposits to the tune of over Rs 4,000 crore in an allegedly fraudulent method from buyers, which caught the eye of the Revenue Tax division and the RBI.
The central financial institution had written to the state authorities to research IMA’s functioning. Subsequently, the federal government requested Vijay Shankar to submit a report on IMA.
The case got here into the highlight when Mansoor Khan fled to Dubai leaving a video message saying he was killing himself due to “corruption within the state and central governments.”
Khan was arrested on July 19 final yr in New Delhi. Together with him, seven administrators of the IMA, a corporator, and some others had been arrested by the SIT.