News Nation Logo

Ponzi Scam: Janardhana Reddy arrested, sent to judicial remand till November 24

News Nation Bureau | Edited By : Srishty Choudhury | Updated on: 11 Nov 2018, 05:59:54 PM
Central Crime Branch arrests mining baron Janardhana Reddy, aide in ponzi scam (Photo: PTI)

New Delhi:

Karnataka’s mining baron and former BJP minister Gali Janardhana Reddy, who was arrested by the Bengaluru Central Crime Branch in connection with Ambident Group alleged bribery case, has been sent to the judicial custody till November 24 on Sunday. His close aide Ali Khan was also arrested earlier in the day.

Reddy was questioned for hours in an alleged bribery case in connection with a Ponzi scam on Saturday evening. Alok Kumar, Additional CP, Central Crime Branch, said that Reddy was arrested on the basis of credible evidence and witnesses statements and will be produced before the magistrate. He also said that the Crime Branch is going to recover the money and return them to the investors.

Read More | Twitterati not happy with CBFC's take on Govinda's Rangeela Raja

The CCB had stumbled on Reddy’s role while probing cheating cases filed against Ambident, a financial services company, for defrauding more than 15,000 people to the tune of more than Rs 600 crore through Ponzi schemes. The Bellary mining baron appeared for questioning at the Crime Branch office on Saturday evening after a three-day hunt by the police in Bengaluru. The former minister had spent three years in jail and was currently out on bail.

Reddy appeared before the police after releasing a video message from an unknown location, saying he would appear before it. Reddy claimed that there was a "political conspiracy" and added that he had faith in the police.

Reddy, who was a minister in the erstwhile BS Yeddyurappa government in Karnataka, had said on Saturday: "Now that the notice has been issued by the police, I have decided to appear before the Central Crime Branch today itself though the notice says I should appear on Sunday," Reddy said.

Also Read | California Fire: Kim Kardashian evacuate home; Woods call out for help

"I decided to make this video to let people know the truth. I have faith in the police and believe that they would not succumb to any political pressure," he added.

For all the Latest India News, Download News Nation Android and iOS Mobile Apps.

First Published : 11 Nov 2018, 01:33:51 PM