Bengaluru Development Authority official arrested for taking Rs 4 crore from IMA founder

Bengaluru: The Special Investigation Team (SIT) arrested an executive engineer of Bengaluru Development Authority (BDA) for allegedly taking Rs 4 crore from the scam-tainted I Monetary Advisory (IMA) founder-owner Mohammed Mansoor Khan. He had promised to get him a Rs 200 crore loan in return.

Sleuths from SIT probing the IMA Ponzi scheme arrested PD Kumar Nayak, 52, from his residence in Jayanagar fourth block on Monday. He was taken into custody under the Karnataka Protection of Interests of Depositors in Financial Establishments (KPID) Act, 2014, after a brief interrogation.

The IMA chief had mentioned Kumar’s name in the audio clip he released last month. In it, he had mentioned that Kumar had taken Rs 5 crore from him. 

But police reportedly said that they have strong evidence to prove that he has taken Rs 4 crore from Mansoor Khan. He had acknowledged it as much.

SIT chief investigating officer BR Ravikanthe Gowda reportedly said that they had seized many documents that state that Kumar had taken Rs 4 crore from Mansoor Khan.

Mansoor Khan was desperately looking to get a loan of a few hundred crores to overcome a financial crisis, reports said. Investigators reportedly quoted Kumar as saying that Mansoor Khan was aware of his contacts in revenue and other government departments. So he sought Kumar’s help to get to the officials, who could help him get the loan. Kumar reportedly said that it would cost him Rs 4 crore and took the money from Mansoor Khan. He admitted that he spent some of it, reports stated.

The SIT team that picked up the BDA engineer was led by superintendent of police (SP), S Girish. He had in March 2017 raided Kumar for allegedly amassing assets beyond his known sources of income. He was SP in the anti-corruption bureau then.

• Bengaluru Development Authority
• Rs 4 crore
• IMA founder
• I Monetary Advisory Ponzi scheme
• PD Kumar Nayak