An executive engineer with the Bangalore Development Authority (BDA) was arrested on Monday for his alleged links to the I Monetary Advisory (IMA) Group investment scam. AdvertisingSIT officials confirmed to indianexpress.com that the raid took place after allegations surfaced against Nayak for taking Rs 4 crore from absconding IMA chief Mohammed Mansoor Khan while availing a loan of Rs 200 crore. The engineer, 52-year-old PD Kumar Nayak, was arrested Monday afternoon after which he was questioned by the SIT. “Mansoor Khan was looking for a Rs 600 crore bailout and was harnessing his contacts for a loan. Khan has been accused of cheating over 40,000 investors of Rs 2,000 crore.

Source: Indian Express July 02, 2019 08:26 UTC