IMA Scam: K’taka HC quashes FIR, chargesheet against IPS officer Hemant Nimbalkar

Bengaluru: The Karnataka High Court on Friday quashed the FIR, chargesheet and sanction for prosecution granted by the government against IPS officer Hemant Nimbalkar in the I-Monetary Advisory (IMA) ponzi scam.

The CBI has filed cases against Nimbalkar in 2019 under the Indian Penal Code and the Prevention of Corruption Act for involvement in the scam.

The CBI had accused that Nimbalkar had approved a closure report on IMA allowing it to continue its Ponzi schemes in return for illegal gratification received from the proprietor of IMA Mohammed Mansoor Khan.

Justice John Michael Cunha, hearing the petition filed by Nimbalkar, said that records show the approval for the closure report was an institutional one and not from any individual.

“The decision was taken based on legal opinions from police officials ranging from SP to DG,” Justice Cunha said.