Bail for IMA founder in money laundering case
High Court kept in mind his heart ailments, and his return from abroad and voluntary surrender
The Karnataka High Court has granted bail to Mohammed Mansoor Khan, managing director and chief executive officer of I Monetary Advisory (IMA) Group of companies, who is the prime accused in the money laundering case involving over ₹4,000 crore, which was registered against him by the Enforcement Directorate (ED).
Justice Sreenivas Harish Kumar granted bail by imposing the condition that Khan should not alienate any of his properties till conclusion of the trial, and in case a need arises to alienate, he should disclose to the trial court the purpose which necessitates alienation and obtain permission of the trial court.
The High Court considered two main reasons, his ailments related to the heart, and his return from abroad and voluntary surrender before the police along with the passport, for granting bail.
As it was apprehended on behalf of the ED that he may attempt to alienate properties if he was enlarged on bail, the court said that necessary conditions can be imposed to prevent such an attempt.
Khan has been in judicial custody since August 2019.
While asking him to furnish a bond for ₹5 lakh and two sureties of like sum, the court directed the trial court to ascertain the whereabouts of the sureties before accepting the surety bonds.
As the ED has already filed a charge sheet against him, the High Court directed Khan to regularly appear before the sessions court for the purpose of the trial besides asking him to mark his attendance in the office of the ED once a month.
While Mansoor Khan has been granted bail in the ED case, he is being investigated by the Central Bureau of Investigation (CBI) and remains in judicial custody.
The CBI has registered four cases in connection with the IMA scam. “Our investigation is in progress. At this juncture, there is no scope for bail, and if he applies for bail, we will file objections,” a senior CBI officer said.
Early in October, the CBI filed a supplementary charge sheet against 28 accused, including the managing director and CEO of IMA. Six police officers, who are under investigation by the SIT for their alleged involvement in the scam, have been named in the CBI’s supplementary charge sheet.
Three police officers were suspended by the government based on the report filed by the CBI while it is yet to take action against two IPS officers named in the supplementary charge sheet.