IMF Chief Dominique Strauss-Kahn has resigned from the post of managing director's position following accusations of attempted rape and unlawful imprisonment.

It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF, Dominique Strauss-Kahn said in a statement to IMF.

I think at this time first of my wife-whom I love more than anything-of my children, of my family, of my friends.I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more, Kahn said.

To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me. I want to protect this institution which I have served with honor and devotion, and especially-especially-I want to devote all my strength, all my time, and all my energy to proving my innocence, Kahn concluded.

Meanwhile, John Lipsky remains acting managing director of the fund.

If Strauss-Kahn is actually convicted and jailed, his misstep would be the second biggest sex scandal in the history of modern politics; he would not only lose his title as the IMF's chief, but also kill his political career in France.

Before this scandal, Strauss-Kahn was the leading candidate for the 2012 French presidential elections, according to polls.

In 2007, a French journalist said Strauss-Kahn tried to rape her. In 2008, he was accused of having an affair with a married subordinate. He was able to brush off these two instances of alleged sexual impropriety.