CBI Arrests ex-Congress Minister Roshan Baig in IMA Ponzi Scam Case

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.

Author: India.com News Desk Edited by: Sharmita Kar

Published: November 22, 2020, 8:27 PM IST

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https://www.india.com/news/india/cbi-arrests-ex-congress-minister-roshan-baig-in-ima-ponzi-scam-case-4218656/ Copy

Former Congress MLA Roshan Baig (File Photo)

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.

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.

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.

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.