IMA ponzi scam: HC relief for IPS Ajay Hilory

NT Correspondent

Bengaluru: The High Court of Karnataka quashed the CBI case registered against IPS officer Ajay Hilory in connection with the multi-crore IMA scam.

The HC has ordered to quash the case based on a decision by the Supreme Court, which had already acquitted him in the departmental inquiry. IPS officer Ajay Hilori was accused of misuse of power in the IMA fraud case.

To cover up the irregularities, he had received bribes from IMA company director Nizamuddin and others at various stages between January 1, 2017 and October 16, 2018, and also obtained interior design materials for his house through the IMA.

There is an allegation that Ajay Hilary had helped IMA's illegal activities to continue.

THE RS 4K CRORE CASE

Bengaluru-based IMA and its group of institutions have defrauded thousands of people of Rs 4,000 crore by using Islamic investment channels to make people want higher returns. Congress's Roshan Baig and Zameer Ahmed Khan were also involved in the case.

Senior IPS officers faced questioning. A chargesheet was submitted to the special CBI court in Bengaluru in connection with the embezzlement case. A chargesheet was submitted to the court against seven accused including IMA founder Mansoor Ali Khan.

Senior IAS officer Vijay Shankar was jailed on kickback charges. Vijay Shankar committed suicide at his residence in Jayanagar, Bengaluru, while he was under investigation.