Former Congress minister and ex-MLA Roshan Baig was granted bail by a special court for CBI cases on Saturday in a case related to the Rs 4,000 crore I-Monetary Advisory (IMA) ponzi scam.
ormer Congress minister and ex-MLA Roshan Baig was granted bail by a special court for CBI cases on Saturday in a case related to the Rs 4,000 crore I-Monetary Advisory (IMA) ponzi scam.
Roshan Baig, a disqualified member of the Congress, on November 21 was arrested by the CBI in connection with the IMA ponzi scam. Roshan Baig is currently lodged in the Bengaluru central prison after the CBI found material evidence against him in the case.
Baig was ealier sent to 14-day judicial custody after being questioned by the agency in connection with the scam case.
Earlier, the CBI had filed a supplementary chargesheet against government officials and police officers in the Rs 4,000 crore chit fund scam case.
The multi-crore Ponzi scheme was run by Karnataka-based IMA and its group entities allegedly duped lakhs of people promising higher returns using Islamic ways of investment.
The scam came to light in June last year when the IMA operator Mohammed Mansoor Khan fled the country accusing Roshan Baig and some government officers of cheating him.
Sources in the police say that Roshan Baig was linked to the IMA founder and the group when they helped a government-run school in Baig’s then constituency of Shivajinagar.