The Central Bureau of Investigation has today filed a supplementary charge sheet before Special Judge for CBI cases, Bangalore against Former Minister of Karnataka, his firm and others including MD of A Group of Entities based at Bangalore, its other Directors in an ongoing investigation of a case.
It was alleged that the accused former Minister received several crores of rupees from IMA funds for election expenditure. It was further alleged that the accused was also utilising the said funds for day-to-day expenditure including salaries of employees of his firm. It was also alleged that the accused has spent the funds for various social & cultural activities in his Constituency to increase his popularity. The funds of IMA were allegedly unauthorised deposits raised from innocent public to the tune of Rs 4000 crore(approx) from around one lakh investors. It has been alleged that money was diverted to the former Minister so that the accused firm could continue it’s illegal activities.
It may be recalled that CBI had registered 04 cases in the said scam and earlier filed 03 charge sheets & 03 supplementary charge sheets against 33 accused including MD & CEO of said Group; its directors; several private persons, Revenue and Police officials. It was alleged that the said Group had raised unauthorised deposits & cheated the public by failing to repay the principal and as well as the promised returns. These funds were allegedly diverted for acquiring properties, paying bribe amounts etc. Several properties including moveable & immovable were identified and attached under KPIDFE Act, 2004 by the Competent Authority.
Further Investigation is continuing.
The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.