Po­lice Launch Look­out for Ja­nard­hana Reddy

Ponzi scheme leaves 15,000 peo­ple cheated to the tune of ₹ 600 cr

The Economic Times - - Pure Politics -

Benga lu r u : A d ay a f t er t he Novem­ber 3 by­poll re­sults were an­nounced, the Bengaluru City Po­lice formed a team to ar­rest for­mer min­ing baron and tourism min­is­ter G Ja­nard­hana Reddy in con­nec­tion with a big-ticket Ponzi scheme that left about 15,000 peo­ple cheated in the city.

Reddy, a dis­graced min­ing baron and sus­pended BJP mem­ber, is barred by courts from en­ter­ing Bel­lary dis­trict. He, how­ever, re­motely cam­paigned for J Shan­tha, sis­ter of BJP MLA B Sri­ra­mulu in the Lok Sabha polls from the bor­der ar­eas of Bal­lari. Sri­ra­mulu, how­ever, de­nied knowl­edge of Reddy’s lat­est trou­bles, while the BJP dis­tanced it­self away from the po­lice case. Bengaluru Po­lice Com­mis­sioner T Suneel Ku­mar and other se­nior of­fi­cials gave de­tails of the case at a me­dia-con­fer­ence on Wed­nes­day.

In May this year, the De­vara­jee­vana­halli Po­lice in the city had reg­is­tered a case of cheat­ing against Syed Ahmed Fa­reed, who ran a firm called Am­bident Mar­ket­ing. He had al­legedly col­lected de­posits worth ₹ 600 crore from more t han 15,0 0 0 peo­ple promis­ing them re­turns of 40% to 50% for a four-month pe­riod. The City Po­lice Com­mis­sioner later trans­ferred the case to Cen­tral Crime Branch (CCB) in view of its enor­mity.

The CCB po­lice ar­rested Fa­reed, and on ques­tion­ing, they learnt he had in­vested the money with many peo­ple and in­dulged in un­law­ful fi­nan­cial ac­tiv­i­ties. The po­lice alerted the En­force­ment Di­rec­torate (ED) which raided his home and of­fices, and froze his bank ac­counts sub­se­quently. Fa­reed also re­vealed Reddy’s link in the case.

The Po­lice said Fa­reed ne­go­ti­ated a deal with Reddy’s as­sis­tance Ali Khan and of­fered a bribe of Rs 20 crore to Reddy in re­turn for his help in bail­ing him out of the ED case. Reddy, how­ever, de­manded t he money in t he form of gold. Ali Khan al­legedly helped Fa­reed to cont act Ramesh Cha­trasal of Ra­jama­hal Fancy JewellersinBel­laryto take the deal for­ward. Cha­trasal bought 57 kg of gold worth ₹ 18 crore from Ramesh Kothari of Am­bika Sales Cor­po­ra­tion in Bengaluru and al­legedly de­liv­ered it to Reddy.

Ac­cord­ing to the city po­lice, the CCB sleuths have ar­rested Ramesh Cha­trasal, and launched man­hunt for Reddy and his as­sis­tant Khan. Mean­while, Cha­trasal and Khan are learnt have se­cured a bail, while Reddy has ap­plied for one.

The po­lice alerted the ED which raided his home and of­fices, and froze his bank ac­counts sub­se­quently

— N Narasimha Murthy

Cen­tral Crime Branch Po­lice raid Ja­nard­hana Reddy’s Par­i­jatha apart­ment in Bengaluru on Wed­nes­day.

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