Hemant M Nimbalkar, the Inspector General (IG) of Bengaluru Police, has been transferred as the new chief of Bengaluru's Anti-Corruption Bureau (ACB). The recent developments came after Nimbalkar gave a clean chit to the IMA Group.
"Sri Hemant M Nimbalkar, IPS (KN:1998) Inspector General of Police, Criminal Investigation Department & Economic Offences, Bengaluru is transferred with immediate effect and posted until further orders as Inspector General of Police, Anti-Corruption Bureau, Bengaluru vice Sri M Chandra Sekhar, IPS transferred," a press release said.
An IPS officer from Karnataka, Nimbalkar is accused of giving a clean chit to the IMA headed by Mohammed Mansoor Khan, despite the Reserve Bank of India issuing a notice to the firm and ordering an investigation over its dealings.
The transfer of Nimbalkar as the ACB chief at a time when the Special Investigation Team (SIT) is probing the Ponzi scam has raised several concerns. IMA had defrauded nearly 40,000 investors in the name of 'Halal investments'.
After the RBI issued a notice against the functioning of IMA, the state police had directed the CID to investigate the matter and file a report. Nimbalkar was at the officer heading the probe.
IMA, which was being run under the limited liabilities partnership model (LLP), was found guilty of illegally collecting money from the public, diverting the funds to its directors and defaulting on repayments. The government has directed to seize all movable and immovable properties of IMA under the Karnataka Protection of Interest of Depositors in Financial Establishment (KPID) Act, 2004.
The SIT sleuths have also arrested high profile officers, including Bengaluru Urban Deputy Commissioner BM Vijayashankar and North Division ACP for Revenue LC Nagaraj. They were accused of taking crores of rupees as bribe from IMA chief Khan and issuing a no-objection certificate (NOC) for raising a loan of Rs 600 crore as a bailout plan.
Former Karnataka minister BZ Zameer Ahmed Khan and recently resigned Congress MLA R Roshan Baig from Shivajinagar were also summoned by the Enforcement Directorate (ED) over their dealings with the IMA.