Ponzi scam accused IAS officer ends life in Bengaluru

Bengaluru

Senior IAS officer BM Vijayashankar, who was one of the accused of the Rs 4,000-crore I-Monetary Advisory (IMA) ponzi scam, allegedly committed suicide at his residence here on Tuesday.

He was charged of accepting bribe to hush up matters of the scam and a Special Investigation Team had arrested the officer. He was also jailed for a few days and later released on bail. Vijayashankar also served as Bangalore City Collector.

Involved in the scam are senior officials including two senior IPS officers Hemant Nimbalkar of 1998 batch and Ajay Hilori of 2008 batch. A few months ago, the CBI had sought sanction to prosecute six Karnataka officials, including the two senior IPS officers posted in the state.

IMA was run by Gulf-returned Mohammed Mansoor Khan who used his political connections to run his shady business.

It is alleged that IMA and its sister ponzi companies had lured gullible investors, mostly Muslims, offering higher returns on their investment using Islamic ways.