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IMA Ponzi Scam accused IAS officer found dead in Bengaluru

IAS officer BM Vijay Shankar, accused of bribery in Rs 40,000 crore IMA Ponzi Scam was found dead at his Bengaluru residence on Wednesday, 24 June.

 

The police have confirmed suicide to be the reason of his death.

 

Shankar was suspended from the services last year when he was arrested by a team looking into the IMA or I-Monetary Advisory scam, as per the reports. As part of the scam, thousands of investors were cheated with promises of higher returns. Shankar was later released on bail.

 

“Vijay Shankar committed suicide by hanging himself. He was accused of taking bribes of Rs 1.5 crore in the IMA scam. It was an unnatural death and we are investigating the case,” Bengaluru Police Commissioner Bhaskar Rao told the press.

 

The Central Bureau of Investigation (CBI) had, last month, sought permission from the Karnataka government to prosecute him and two others.

 

A CBI probe revealed that the IMA group raised unauthorised and illegal deposits to the tune of Rs 40,000 crore in a fraudulent manner. This later came to the attention of the Income Tax department and the Reserve Bank of India (RBI).

 

The RBI had then written to the Karnataka government to investigate IMA. Shankar was then tasked with the same by the government.

 

He was formerly the Deputy Commissioner of Bengaluru Urban.