Bengaluru, June 23: A senior Indian Administrative Service (IAS) official B M Vijay Shankar, one of the prime accused in a multi-crore financial fraud case involving I Monetary Advisory Pvt Ltd (IMA), allegedly died by suicide at his residence in Bengaluru’s Jaynagar area on Tuesday night.
The officer who was under suspension had been arrested and jailed in July 2019.
The IMA ponzi scheme run by its founder Mohammed Mansoor Khan and his associates had duped lakhs of people by promising higher returns using Islamic way of investment.
Vijay Shankar a former District Commissioner of Bangalore was accused of accepting a bribe of at least Rs 1.5 crore from IMA’s Khan by a special investigative team constituted by the state government but the case was subsequently transferred to the CBI.
The ED, which has registered a money laundering case in the scam in which thousands of depositors are said to have been duped, had attached assets worth Rs 209 crore, including 20 immovable properties and bank deposits, in connection with the case.
The ED had filed the money laundering case against the IMA group of companies and Mohammed Mansoor Khan after reports emerged that he has gone underground fearing investments worth crores of about 40,000 investors have tanked.