The IWC raided Roshan Baig’s residence near Coles Park in Bengaluru on Monday morning.
The Central Bureau of Investigation on Monday conducted a search operation at the residence of former Congress Minister Roshan Baig near Bengaluru’s Coles Park in Frazer Town. The search operation was carried out after the former Shivajinagar MLA was arrested and placed in judicial custody for 14 days on Sunday night in connection with the I Monetary Advisory (IMA) Ponzi scam case. More than 30,000 people have lost millions of rupees by investing in IMA.
Police sources said that the CBI conducted searches at Roshan Baig’s residence on suspicion that he possessed disproportionate assets. During the investigation, Mohammed Mansoor Khan, the founder of IMA and the main defendant in the scam, allegedly confessed to the CBI that he had given Roshan Baig a loan of 200 million rupees, which was never repaid. The CBI is in the process of recovering the assets of the defendants in the case for which they detained Roshan Baig for questioning on Sunday morning.
Sources said CBI officials are looking for undisclosed income and that Monday’s search operation was to retrieve documents and data from Baig’s residence. The source said that CBI is likely to seize Roshan Baig’s properties to return the money to investors, as Mansoor Khan allegedly claimed that he was forced to pay Roshan Baig millions of rupees to keep the business going.
Read: Former Congress Minister Roshan Baig Arrested By CBI In IMA Scam
In 2019, the Special Investigation Team (SIT), which was investigating the case, detained Roshan Baig after his name appeared on the case. The main defendant, Mohammed Mansoor Khan, had alleged in a video that Roshan Baig had extorted money from him.
After the video was uploaded to YouTube, Roshan Baig was detained by the SIT while trying to board a private charter plane to a foreign country. The SIT had alleged that Baig was trying to flee the country. When the scam broke out in 2019, then-Finance Minister RV Deshpande had said that Roshan Baig had introduced him to Mansoor Khan in July of that year, asking for favors not to investigate the company’s dealings as suggested by the Reserve Bank. of India (RBI). , TNM had previously reported.
Baig is a seven-time board member of Shivajinagar, which is located in the heart of Bengaluru city. Until his unceremonious departure from the Congress party, Baig was regarded as the highest leader of the Muslim community in state political circles. It should be recalled that Baig was among the 17 MLAs of the former JDS) -Congress coalition government, which resigned and paved the way for the formation of the current government led by BS Yediyurappa in the state.
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