Ex- Karnataka minister, mining baron Janardhan Reddy granted bail in ponzi scam case
According to the senior official Reddy who remained untraced since Wednesday presented himself at the crime branch office on Saturday only. Following intense grilling, he was arrested on Sunday.
New Delhi: Former Karnataka minister Gali Janardhan Reddy on Wednesday granted bail in the multi-crore ponzi scam against a bond of Rs 1 lakh. The former minister of Karnataka’s BS Yeddyurappa-led Bharatiya Janata Party government was arrested Bengaluru Police on November 11 in connection with an alleged bribery case, popularly known as Ponzi scheme case involving the Ambient Group.
Reddy who along with his accomplish Ali Khan was arrested by the Crime branch of the Bengaluru police had been sent to judicial custody till November 24.
According to the senior official of crime branch Reddy who remained untraced since Wednesday presented himself at the crime branch office on Saturday only. Following intense grilling, he was arrested on Sunday morning.
The mining baron has been booked under Indian Penal Code(IPC) sections 204 (destruction of evidence), 120 B (criminal conspiracy) and 420 (cheating), as also under various sections of the Prevention of Money Laundering Act, 2002.
The former minister is suspected to have received gold worth Rs 18 crore to help the owner of the Ambident Group- Syed Ahmed Fareed who was accused of duping investors. It was Fareed who alleged that Reddy asked for 18 crores to save him from the clutches of Enforcement Directorate (ED), the investigating agency in the high profile case.
In 2011 CBI had arrested Reddy over alleged multi-crore illegal mining scam but granted bail three years later.