BBMP Councillor Syed Mujahid Arrested In Connection With Rs 1,500 Crore IMA ‘Islamic Banking’ Scam

BBMP Councillor Syed Mujahid Arrested In Connection With Rs 1,500 Crore IMA ‘Islamic Banking’ ScamMujahid was involved in financial transactions with IMA group leader Mohammed Mansoor Khan, who had fled from the country on 8 June. (image Md Mufaiz/Facebook)

A Special Investigation Team (SIT) arrested Bruhat Bengaluru Mahanagara Palike (BBMP) councillor Syed Mujahid from his residence on MM Road in Pulakeshinagar in connection with the Rs 1,500 crore- I Monetary Advisory (IMA) investment scam, The Hindu reports.

According to Police sources, Mujahid was involved in financial transactions with IMA group leader Mohammed Mansoor Khan, who had fled from the country on 8 June.

The team searched the councillor’s residence and questioned him for hours before arresting him. “We recovered an SUV, two cell phones, and several documents pertaining to the IMA Group of companies from his house as part of the investigation,” a senior police officer said.

Mujahid will remain under police custody for 15 days. Interrogation revealed that Mujahid was allegedly planning to flee to Dubai after he realised he was under the SIT scanner.

“Shortly after the investment scam came to light, he went into hiding for two weeks and returned to his home only recently to meet his family. The police who were gathering information on him nabbed him while he was at his house,” the officer added.