CBI investigation

The I Monetary Advisory (IMA) scam, a multi-crore Ponzi scheme targeting Muslim investors in Karnataka, exposed deep-rooted collusion between officials and fraudsters. Senior IPS officer Hemant Nimbalkar, who gave IMA a “clean chit” in early 2019, later became a key accused in the CBI probe. Although the High Court quashed proceedings against him in 2021, the Supreme Court stayed that order, leaving the case open. Despite departmental clearance in 2023, legal proceedings remain pending, with calls for investigation revival as of late 2024.