Bengaluru, Jul 9: The Special Investigating Team (SIT) probing the IMA multi-crore Ponzi scam yesterday arrested senior IAS officer B M Vijayashankar, the Deputy Commissioner of Bengaluru District (Urban).
Vijayshankar has been arrested on charges of allegedly taking a bribe of Rs 1.5 crore from IMA to forward a favourable report about the company to the Reserve Bank of India (RBI).
The RBI had earlier sought reports from the Karnataka government on investment companies including IMA about its functioning and the Ponzi schemes they have doled out in the city and the state.
Vijayshankar took charge as the Bengaluru DC Urban in July last year and he is the second senior government official and bureaucrat being arrested in connection with the involvement in the IMA case. The earlier arrested government official was assistant commissioner LC Nagaraj.
The SIT will take custody of Vijayshankar and question him about the bribe of Rs 1.5 crore and will proceed with efforts on recovering it, a senior SIT official said.
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