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Ponzi Scam: Mining baron G Janardhana Reddy granted bail in bribery case

News Nation Bureau | Edited By : Aniruddha Dhar | Updated on: 15 Nov 2018, 12:16:46 AM

New Delhi :

Karnataka's mining baron and former BJP minister G Janardhana Reddy, who was arrested in connection with a fraud case of Ambidant Pvt Ltd, granted bail on a bond of Rs 1 Lakh on Wednesday. Reddy was arrested by the Bengaluru Central Crime Branch in connection with Ambident Group alleged bribery case and was sent to the judicial custody till November 24 on Sunday. 

Speaking after the verdict, Reddy’s advocate RP Chandrasekhar said: “Bail was granted to Reddy because prima facie there was no connection between him and Ambidant Marketing.”

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.



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First Published : 14 Nov 2018, 05:53:28 PM