New Delhi: The Central Bureau of Investigation (CBI) on Sunday arrested former Congress minister R Roshan Baig from Bengaluru in Karnataka in connection with the over Rs 4000 crore I-Monetary Advisory (IMA) ponzi scam.Also Read - CBI Is Hiring, Last Date To Apply May 31; Details Inside

Baig, a disqualified MLA of the Congress, was summoned to the CBI office on Sunday morning and “based on material evidence, he has been arrested,” the agency said. Also Read - Qaidi No. 241383: From Waking Up At 5:30 AM To Working For 8 Hrs, How Life In Patiala Jail Looks For Navjot Sidhu

The former Shivaji Nagar MLA was produced before a court earlier today which remanded him to judicial custody. The court has sent him to judicial custody for 14 days. Also Read - CBI Registers Rs 230-crore Bank Fraud Case Against Amrapali Leisure Valley | Know Why Here

The multi-crore ponzi scheme run by Karnataka-based IMA and its group entities allegedly duped lakhs of people promising higher returns using Islamic ways of investment.

Baig is the first politician so far to be arrested in the ponzi scam case.