Ponzi Scam: IAS officer BM Vijay Shankar accused in IMA scam ends life

Karnataka IAS officer BM Vijay Shankar committed suicide at his residence in Jayanagar. The senior officer was accused in multi-crore I Monetary Advisory (IMA) Ponzi scam. According to reports, he was found hanging at his residence in South Bengaluru. His family members found him around 8 pm.

The police are investigating the matter and the reason is yet to be ascertained.

The IAS officer is said to have been suffering from severe depression ever since he was accused of fraud. He was arrested and later a CBI probe was initiated on him. The CBI had also sought the State government’s permission to prosecute him in May 2020.

Vijay Shankar was arrested by a Special Investigation Team (SIT) for a multi-crore ‘IMA Ponzi scam’ in 2019. He was arrested last July on charges of accepting a bribe of Rs 1.5 crore from IMA’s Mansoor Khan. He was later released on bail. The government had ordered his suspension after his arrest.

Vijay Shankar was one of the prime accused in the financial fraud case involving I Monetary Advisory Pvt Ltd (IMA). IMA along with associated firms had lured unsuspecting investors by offering higher returns.

He is survived by his wife and two daughters.

The Ponzi scheme had conned tens of thousands of investors, mostly from the Muslim community, in Karnataka, Kerala and Tamil Nadu. It promised investors ‘halal-compliant’ investments, which are in accordance with Shariah. It did not use the deposited money for giving out loans or for any business related to liquor, entertainment, or other ‘haram’ practices.

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