The court also sent notices to the IMA group, Burraq group, Aala Ventures, Tiforp Trading Service Private Limited and other such fraudulent companies.
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The Karnataka High Court on Monday asked the state government to file a status report with the court in regard to the steps taken to protect victims of I Monetary Advisory (IMA) and other Ponzi schemes after some victims approached the court. The government has also been asked to share details of the case with the Enforcement Directorate (ED). The division bench headed by Chief Justice Abhay Shreeniwas Oka and Justice HT Narendra Prasad was hearing a public interest litigation (PIL) filed by Rasheed Nagar and Nazia Banu, both residents of Shivajinagar. The court also sent notices to the IMA group, Burraq group, Aala Ventures, Tiforp Trading Service Private Limited and other such fraudulent companies. A single bench headed by Justice Alok Aradhe also heard two similar cases where petitioners sought a CBI probe into the matter as they stated that the inaction of the state police had already led to people being cheated of more than Rs 10,000 crore. As several IPS officers, police officials and ministers of the government are shielding the firm’s managing director, we may not be able to get any justice,” one of the petitions read. Opposition BJP also has demanded a CBI probe into the multi-crore scam in which more than 38,000 persons had filed complaints with the police. Reacting to this demand, state Home Minister MB Patil expressed confidence in the special investigation team (SIT) tasked with the probe. “Let them complain. It is not fair to harp on names until the investigation is over. Many cases have been handed over to the CBI in the past five years, did they do anything? When the Congress was in power, the BJP dubbed the CBI ‘Congress bureau of investigation.’ Now why are they insisting that the case be handed over to the central agency? Many cases including the murder cases of MM Kalburgi and Gauri Lankesh were cracked by the state police. We have already formed a SIT to investigate the IMA case and our major objective is to arrest the prime accused, Mansoor Khan. All their shops and assets have been seized. I have personally reviewed the complaints. There are 17 cases with the CID and seven with CCB. Unless an FIR is filed, the police cannot act on it,” he said
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