 "G Janardhan Reddy granted bail by Bengaluru court in Ponzi scam case; bond set at Rs 1 lakh for mining baron")
The Additional Chief Metropolitan Magistrate in Bengaluru granted bail to mining baron and former Karnataka minister Gali Janardhan Reddy on Wednesday, three days after he was arrested by the Central Crime Branch in connection with a fraud case. Reddy was granted bail on a bond of Rs 1 lakh,
reported ANI
. The court had earlier
reserved its bail orders
on Tuesday. Reddy was arrested on Sunday 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). [caption id=“attachment_5550061” align=“alignleft” width=“380”]
File image of Janardhan Reddy. PTI[/caption] 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.
With inputs from ANI