Issue notification so CBI can commence investigation into IMA scam: HC to Union Govt

Bengaluru: The Karnataka High Court directed the Union Government to issue notification at the earliest for the Central Bureau of Investigation (CBI) to take up investigation of the IMA scam.

The court was hearing PIL petitions seeking directions to protect the interest of the investors of IMA group of companies on Wednesday, August 28.

As the CBI has not started the probe into IMA scam, the division bench of Chief Justice Abhay Shreeniwas Oka and Justice Mohammd Nawaz on Wednesday directed the Union Government to issue notification at the earliest for the CBI to take up investigation of the IMA scam, stating that the CBI cannot delay the probe, considering the nature of the controversy.

The court issued this direction after the counsel of the CBI informed the court that the investigating agency has not yet received the notification from the Union government to take up the probe, as the State accorded sanction to hand over the probe to the CBI.

On August 26 movable assets valued at over two crore rupees belonging to the fraudulent IMA firm was impounded by the special investigation team (SIT) probing the multi-crore IMA ponzi scam.