IAS officer BM Vijay Shankar was found dead at his residence in Bangalore on Tuesday night. A senior police officer gave this information. CBI wanted to prosecute Vijay Shankar in the Rs 4,000-crore IMA Ponzi scam.

IAS Vijay Shankar found dead at home, accused of Rs 4000 crore Ponzi scam

According to the police, Vijay Shankar, a former Deputy Commissioner of Bangalore urban district, was found dead at his residence in Jayanagar here. Without elaborating, he said, “It is true that he has been found dead at his home.”

Vijay Shankar is accused of allegedly taking bribes to cover up the IMA Ponzi scam. In 2019, a special investigation team was formed by the former Karnataka Chief Minister HD Kumaraswamy-led coalition government, which arrested Shankar.

After this, the BJP government handed over the case to the CBI. CBI sources said that recently the agency had sought permission from the state government to prosecute Vijay Shankar and two others in the case.

CBI also sought permission from the state government to prosecute two senior IPS officers in the case.

What is IMA Ponzi Scam? 

Mohammed Mansoor Khan, the main accused in the Ponzi scam, opened a company called IMA in 2006. The company was operating in a few districts including Bengaluru, the capital of Karnataka. The company started cheating people in the name of investing. The company was accused of making people invest money by luring 17-25 percent, but when the time came to give returns, the owner of the company Mansoor Khan fled to Dubai. However, he was later arrested by the Enforcement Directorate (ED).

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