Roshan Baig, a former Congress minister in Karnataka, was on Sunday arrested by the CBI in connection with the ₹ 4,000-crore IMA ponzi scam. He was produced in a court and sent to 14-day judicial custody.

Roshan Baig was summoned to the CBI office and based on “material evidence”, he was arrested, the agency said.

The scam linked to a ponzi scheme run by the Bengaluru-headquartered IMA Group came to light in June 2019, when payments to investors in the company’s schemes abruptly stopped. The founder, Mansoor Khan, later fled abroad, leaving thousands of investors in the lurch. He was arrested a month later.

While abroad, Mansoor Khan had released an audio message accusing Roshan Baig of taking ₹ 400 crore from him and not returning it.

Roshan Baig had refuted the allegation, saying the statement was “frivolous, baseless and mischievous.”

By Arvind Gunasekar, NDTV, 23 November 2020

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