BENGALURU: The Special Investigation Team (SIT) probing the IMA multi-crore fraud case has arrested rowdyIshtiaq Ahmed alias Ishtiaq Pailwan. Pailwan (50) had allegedly extorted Rs 2 crore from IMA founder and Managing Director Mohammed Mansoor Khan. Pailwan is the husband of Farida Ishtiaq, who is the BBMP corporator from Shivajinagar ward. The police had picked him a few days ago in connection with the IMA fraud case for questioning. On Tuesday, the SIT officials formally arrested him.
Sources said that Pailwan, who knew Khan for several years, came to know of the ponzi scheme he was running and started demanding money from him. “Khan has mentioned in a book the details of how much he has paid to several people. Based on that, Pailwan was picked up for questioning.
We arrested him only after we gathered clinching evidence against him that he had received hafta from Khan,” an official said.An police officer said, “It is established during the investigation that Pailwan had taken Rs 2 crore as hafta (protection money) from IMA founder Khan. He has a criminal history since 1993 and is involved in at least 48 criminal cases registered across the city.”