3 DAYS LATER, MINING BARON REDDY GETS BAIL

Mining baron G Janardhana Reddy was granted bail by a magistrate’s court here on Wednesday, three days after he was arrested in connection with a ponzi scheme on Sunday.

Reddy was named as accused number 6 by the central crime branch of the Bengaluru police alleging that he had received 57 kg of gold worth ₹18 crore from a person who ran a ponzi scheme.

The case pertains to an alleged fraud by Syed Ahmed Fareed, who was accused of cheating around 15,000 people to the tune of ₹600 crore through his investment company Ambidant Marketing. Fareed was also being investigated by the Enforcement Directorate.

When questioned by the CCB, Fareed allegedly revealed that he had paid Reddy ₹18 crore through his aide Ali Khan, after Reddy assured him that he would take care of the case.

The 1st Additional Chief Metropolitan Magistrate V Jagadeesha granted Reddy bail on the condition that he provide two sureties and furnish a bond of ₹1 lakh.

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.”

The advocate said it was clear that the reason Reddy was arrested was because of a political vendetta. “Reddy told investigating officers time and again that he had no connection with the company,” Chandrashekhar said and added that the transaction was a separate development from the ponzi scheme, and the transaction had to be investigated separately.

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