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HC pulls up Karnataka govt for failing to take over Roshan Baig's properties in IMA Ponzi scam case

Despite the Karnataka High Court directing the state government to confiscate the property of former Minister and accused in IMA ponzi scam Roshan Baig, the bench pulled up the government for failing to do so and giving a lame excuse. Under the provisions of the Karnataka Protection of Interest of Depositors in Financial Establishments (KPIDE) Act, the government should have attached the former Congress leader's property.
 

HC pulls up Karnataka govt for failing to take over Roshan Baig's properties in IMA Ponzi scam case-ycb
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Bengaluru, First Published Jun 15, 2021, 6:39 PM IST
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The Karnataka High Court bench comprising Chief Justice Abhay Shreeniwas Oka and Justice Suraj Govindaraj pulled up the state government for showing negligence and hesitancy in attaching the property of former Congress leader R Roshan Baig in connection with multi-crore IMA scam.

When the court asked what prompted the government not to follow its two-month-old order, the government in reply cited Covid-19 situation as the reason.

However, the court flatly rejected the government's reply. The court noted that it had directed the state government on April 4, 2021. “We are surprised that the state government has not taken a decision for two months." a report attributing to the court stated.

As per the report, the court has given two weeks time to the state government to arrive at a decision on the matter.

Roshan Baig, a rebel Congress leader was earlier arrested in November 2020 in connection with IMA ponzi scam involving Rs 4000 crores from about 1 lakh innocent investors on the promise of high interest.

Baig was accused of using the investors' money to hold public functions and events in his assembly segment to build his image and for publicity and reportedly arm-twisted the MD of the firm, Mansoor Khan.

Meanwhile, the Special Public Prosecutor, CBI noted that the agency has concluded its investigation and also has filed a chargesheet against the politician. The court also directed the government to grant sanctions to prosecute IPS officers involved in the multi-crore IMA scam.

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