Reddy charged in Ambidant fraud

Reddy charged in Ambidant fraud

G Janardhana Reddy

The CCB has charged mining baron G Janardhana Reddy and nine others over the fraud involving Ambidant Marketing Pvt Ltd. 

The charge sheet, which runs into 4,800 pages and has detailed witness accounts and money trails, was submitted to a special court recently. Three directors of the company are among the accused. 

Ambidant was established in December 2016 by Syed Fareed Ahmed, Syed Afaq Ahmed and Irfan Mirza. It collected crores of rupees from thousands of investors by promising them huge returns. 

The fraud hit the headlines when police booked Reddy for taking money for protecting the company's directors from the Enforcement Directorate. 

Six cheating cases were registered at police stations. The CCB took over the case in October 2018 and arrested six people, including the directors and Reddy. The accused are out on bail. The CCB also sealed a flat owned by Reddy along Race Course Road.