The IMA scam in Karnataka is taking many twists and turns. The govt of Karnataka on Monday barred three police officers on charges of bribe levelled by the Central Bureau of Investigation, which is investigating the Ponzi scam executed by Monetary Advisory founder Mohammed Mansoor Khan. The enquiry of CBI alleged that the then Deputy Superintendent of Police (Economic Offences) attached with the Criminal Investigation Department, Commercial Street Police Inspector M Ramesh and sub-inspector P Gowrishankar allegedly accepted bribes from Mohammed Mansoor Khan to submit improper inquiry reports into the company’s dealings. 

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These three police officers were suspended on Monday and will get a subsistence allowance. However, the government order states that they cannot leave the police headquarters in Bengaluru without permission from the competent authority. The government also gave permission to the CBI to execute  EB Sridhar, M Ramesh and P Gowrishankar, IPS officers Hemanth Nimbalkar and Ajay Hilory. According to sources, in April 2017, the Income Tax Department had conducted a search and seizure operation at various properties owned by Mansoor Khan. He was under investigation for not filing returns since the 2015-16 fiscal year.

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The IT Department had received a tip-off from the RBI in 2015. It was then that RBI had asked the state government to look into the dealings of IMA. The Revenue Department had dropped the probe when they found that the investors were listed as partners of IMA. In 2018, when a section of investors stopped getting their monthly dividends, the company once again came under the RBI scanner. This time, the Revenue Department decided to probe the matter and had also issued a public notice regarding IMA’s fraudulent activities in November 2018. 

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