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 - Historic! Install CCTV in All Police Stations, CBI, NIA, ED, NCB, Including Interrogation Rooms: Supreme Court

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 - Delhi Chalo: Rahul Gandhi Slams Modi Government Over Farmers Protest, Fires 'Suit-Boot' Jibe

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 - COVID-19: BJP MLA Kiran Maheshwari Passes Away, PM Modi Condoles Demise

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.