A Group of the Enforcement Directorate conducted raids at the residence of Chamarajpet MLA BZ Zameer Ahmed Khan's residence in connection with the I Monetary Advisory (IMA) Group Ponzi scam case.

The Ponzi scheme in which thousands of investors were allegedly cheated in the name of halal investment went bust in June 2019. Raids were in progress at different locations in Bengaluru since August 5 morning.

While Baig has been charge-sheeted in the case by the CBI, Ahmed Khan was questioned by the agencies, including the Enforcement Directorate, for a property transaction with IMA founder Mohammed Mansoor Khan, but he has not been charged by any agency till date.

Enforcement Directorate, Bengaluru started the probe into the case in 2019. It was transferred to the head office in Delhi in 2020 due to the sensitive and high-profile nature of the case, sources said. The agency had largely kept quiet for nearly a year-and-a-half until August 5.

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