Janardhana Reddy Sent to Judicial Custody Till November 24 in Bribery Case
Reddy's arrest comes a day after he appeared before the investigating agency after his anticipatory bail was rejected by the court. Police said he was interrogated till late night on Saturday.
New Delhi, November 11: Janardhana Reddy, former BJP minister and Bellary’s mining baron, was arrested early on Sunday in an alleged bribery case, involving Ambident Group. According to a tweet by ANI, Reddy has been sent to judicial custody till November 24. Reddy's arrest comes a day after he appeared before the investigating agency after his anticipatory bail was rejected by the court. Police said he was interrogated till late night on Saturday.
Reddy's Lawyer was quoted by ANI saying that the Court was pleased to accept their bail application on record. "Judge has granted time till tomorrow to file an objection on the main bail application & the application will be taken tomorrow", he added.
Alok Kumar, Additional CP, Crime Branch, Bengaluru Police was quoted by ANI saying, “We have taken the decision to arrest him on the basis of credible evidence and witnesses’ statements. We will produce him before the magistrate. We are going to recover the money and give it to the investors". Janardhana Reddy Arrested by Central Crime Branch in Bengaluru in Ponzi Scam Case.
Reddy is suspected to have received 57 kg gold worth Rs 18 crore to help an accused in a case being investigated by the Enforcement Directorate (ED). According to a report by ANI, Bengaluru Commissioner of Police T Suneel Kumar had earlier stated that a company named Ambident, set up in 2016-17, assured investors a return of 30-40 per cent per month in the form of profits. Ponzi Scheme Case: Police on Look Out for ‘Absconding’ Janardhana Reddy.
Lured by the offer, thousands of people were ready to invest. Initially, they returned the first instalment of profits as promised following which more people poured in. “Subsequently, when the company failed to return the principal amount, cases were registered. Audio Clip of Janaradhana Reddy Offering Money to Congress MLA Released! Party Cries Horse Trading.
Reports inform that in January 2017, the ED had 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 was quoted in the ANI report.
(The above story first appeared on LatestLY on Nov 11, 2018 04:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).