Beleaguered IMF chief Dominique Strauss-Kahn has said he is quitting as Managing Director of the Fund with immediate effect.

Strauss-Kahn, who is facing sexual assault charges in New York and is in jail currently, issued a statement saying he has informed the IMF executive board of his intention to step down with immediate effect, BBC reported.

However, the 62-year-old French politician denied any wrongdoing and defended his innocence. Strauss-Kahn, who was a leading contender in the French presidential race, was arrested dramatically at the Kennedy airport in New York last week after a hotel maid accused him of sexually assaulting him.

Strauss-Kahn is likely to post a new bail application soon, according to his legal team. A judge had turned down his initial bail plea and he had been sent to the infamous Rikers island prison.

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