Bengaluru court to announce verdict on mining baron G Janardhan Reddy's bail in lleged Ponzi scam tomorrow

Bengaluru: The Additional Chief Metropolitan Magistrate (ACMM) court on Tuesday reserved the bail orders for mining baron and former state minister Gali Janardhan Reddy who was arrested by the Central Crime Branch on Sunday in connection with a fraud case. The court will announce its verdict on Wednesday. [caption id=“attachment_3144338” align=“alignleft” width=“380”] File image of Janardhan Reddy. PTI[/caption] Reddy was arrested in an alleged bribery case involving the Ambident Group. He is suspected to have received 57 kilograms of gold worth Rs 18 crore to help an accused in a case being investigated by the Enforcement Directorate (ED). Bengaluru Commissioner of Police T Suneel Kumar had earlier said, “A company Ambident, set up in 2016-17 assured investors a return of 30-40 percent per month in the form of profits. Thousands of people were lured to invest. Initially, they returned the first batch profits as promised following which more people poured in. Subsequently, when it failed to return the principal amount, cases were registered.” He added, “In January 2017, the ED raided the company. The crime branch took over the case and a probe was conducted which revealed that transactions to the tune of Rs 18 crore were carried out.” Kumar informed that it was discovered that the company had allegedly transferred the money to Ramesh Kothari, who runs a business in the name of Ambika Jewellers. On questioning Kothari, he informed that he had used the money to buy the gold which was handed over to Reddy’s personal assistant Ali Khan.