Reddy appears before cops in Ponzi scam case
Bengaluru: A day after he was summoned by the Central Crime Branch (CCB), former Karnataka minister Gali Janardhana Reddy on Saturday appeared before the agency in connection with the ongoing probe into Ambidant ponzi scheme, a Rs 600 crore fraud.
Preliminary investigations by CCB had revealed that Reddy and his assistant Mehfuz Ali Khan had received 57kg gold worth Rs 18 crore from Ambidant Marketing Private Limited to ‘negotiate’ with ED officials to go easy against its promoter Syed Ahmed Fareed. Ambidant is under scanner for collecting deposits from the public by promising high returns. Police grilled Reddy till late in the night to ascertain his involvement in the scam.