Bengaluru: Maulana Haneef Afsar Azeezi of Beoparian Masjid has been granted bail by the Karnataka high court. He was arrested in connection with I-Monetary Advisory (IMA) Group scam.

Maulana Haneef was granted bail against four sureties and two bonds of Rs 5 lakh each.

He was arrested by the Special Investigation Team (SIT) in July.

In October, the Karnataka high court had rejected the bail plea of Maulana Haneef along with four directors of IMA; A Nizamuddin, A Afsar Pasha and I Dadapeer. 

The court had granted bail to Syed Mujahid, a nominated BBMP councillor and rowdy sheeter, as his mother was ill.

At least 40,000 people, mostly Muslims have been cheated through the Ponzi scheme of IMA in Bengaluru.

IMA founder Mohammed Mansoor Khan, who is the main accused in the multi-crore financial fraud, was arrested by the Enforcement Directorate (ED) in New Delhi in July. Khan was hiding in Dubai and was arrested as he arrived in Delhi on a flight.

Reports claim that the Special Investigation Team (SIT) in Karnataka had located Khan in Dubai through its sources and had convinced him to return to India and surrender. Meanwhile, Khan had released two videos expressing his willingness to surrender and co-operate in the investigation.