Former Minister Roshan Baig gets bail in IMA case
A special CBI court here onSaturday granted bail to former Karnataka Minister Roshan Baigin the multi-crore I Monetary Advisory (IMA) investment scam.
CBI arrested Baig on November 22 and had conductedraids at his residence the very next day.
The disqualified Congress MLA from Shivajinagar inthe city, after the arrest, was produced before the court,which remanded him in judicial custody for 14 days.
Baig has been asked by the court to cooperate withthe investigation and report before CBI officials on thesecond and fourth Monday of every month, official sourcessaid.
He also has been asked to surrender his passport,inform the court if he changes address and not to threatenwitnesses, they said.
Baigs advocate, while citing his health condition,informed the court that his client has cooperated with theinvestigation and all the accused in the case have beengranted bail, barring the MD and CEO of the IMA Group ofcompanies.
The multi-crore ponzi scheme run by Karnataka-basedIMA and its group entities allegedly duped over a lakh ofpeople to the tune of Rs 4,000 crore promising higher returns.
The scam came to light in June last year when theIMA operator Mohammed Mansoor Khan fled the country accusingBaig and some government officers of cheating him.
Khan had alleged that Baig had taken about Rs 400crore from him, which the latter had rejected outright.
Khan came to India after much persuasion by thepolice and surrendered.
The then Congress and JD(S) coalition government hadformed a special investigation team to probe the matter.
However, the BJP government after coming to powerhanded over the case to the CBI.
The CBI had named an IAS officer, two IPS officers,a KAS officer, and a corporator among the accused in the case.
The state government gave permission to the Centralagency to prosecute them.
(Except for the headline, this story has not been edited by The Federal staff and is auto-published from a syndicated feed.)
