The Special Investigation Team probing the I Monetary Advisory (IMA) scam on Monday arrested the Deputy Commissioner of Bengaluru Urban district Vijay Shankar in connection with the case. SIT sources say that Vijay Shankar allegedly accepted a bribe of Rs 1.5 crore from IMA founder Mohammed Mansoor Khan in order to give him a favourable report to obtain a no objection certificate for a Rs 600 crore bailout.
On Monday morning, the SIT sleuths brought Vijay Shankar in for questioning and arrested him later in the evening. The investigators also searched his home.
“During investigation, it was revealed that Vijay Shankar obtained Rs 1.5 crore through a village accountant named Manjunath. Vijay Shankar was given the money in exchange for a clearance certificate to IMA,” an SIT source said.
SIT sources say that an assistant commissioner in the Revenue Department, LC Nagaraj, was appointed the Competent Authority entrusted with investigating IMA. Nagaraj began the probe after the RBI highlighted irregularities of the firm.
“Nagaraj had issued a public notice against IMA in March this year. However, without probing the irregularities, a clearance certificate was given to RBI allegedly stating that no complaints were received against IMA. Vijay Shankar signed off on the clearance certificate. LC Nagaraj had taken Rs 4.5 crore bribe from Mansoor Khan and 1.5 crore was given to Vijay Shankar,” the SIT source added.
The SIT has also taken into custody a builder named Krishnamurthy, who is being questioned. On July 6, the SIT arrested LC Nagaraj and the village accountant Manjunath. Sources say that Vijay Shankar’s name was revealed when Nagaraj was questioned.
LC Nagaraj, the Assistant Commissioner and village accountant Manjunath, were arrested for enabling Mansoor Khan to obtain the NOC he needed for a loan. SIT sources say that Nagaraj earlier told the sleuths during investigation that he had tried to take action against Mansoor Khan by issuing him several notices. However, the probe revealed that Nagaraj was allegedly misusing his position and had demanded a bribe of Rs 4.5 crore in exchange for an NOC and a report favouring IMA.