Bengaluru: Government suspends three cops for covering up ponzi scheme

Bengaluru: The State government has suspended three police officers who were allegedly involved in the cover-up of the 'IMA ponzi' scheme.

According to an order issued three days ago, the government placed under suspension deputy superintendent of police E B Sridhara, police inspector M Ramesh and sub-inspector P Gowrishankar. The order said these officers will receive the subsistence allowance under Rule 98 of the Karnataka Civil Service Rules during the suspension.

The order also said they must seek approval from the competent authority before leaving the headquarters.

Sridhara was the then DySP in the Economic Office wing while the other two officers were inspector and sub-inspector at the Commercial Street police station when the scam happened within the police station limits.

The government order said the CBI, which is investigating the case, had filed a charge-sheet against these officers in a special CBI court stating that they had allegedly protected the interest of ponzi scheme operator Mohammed Mansoor Khan instead of the interests of investors and depositors.

The scam came to light in June 2019, in which more than a lakh people were duped to the tune of Rs 4,000 crore. The CBI has also filed charge-sheets against two IPS officers, a state administrative service officer and a village accountant besides the 13 directors of the IMA including Khan.