Ponzi case: Reddy appears before police for questioning

Ponzi case: Reddy appears before police for questioning

Former minister G Janardhana Reddy speaks in the video released to the media. His advocate Chandrashekar looks on.

The search by the sleuths of the Central Crime Branch for mining baron Gali Janardhan Reddy ended on Saturday. He, along with his advocates, walked into the CCB headquarters in Chamrajpet here, to appear before investigating officials.

Speaking to reporters, Reddy said he had no link with Ambidant company whatsoever, but he may have met Syed Fareed Ahmed, the firm’s owner, and his son. He said he came to the CCB office as it served him a notice to appear for questioning.

The CCB was looking for Reddy in a money-laundering case involving Ambidant Marketing Private Limited. The police claim to have details of a bank transaction of Rs 18 crore from the company to a city-based jeweller and a further transaction to another jeweller in Ballari.

The jeweller in Ballari had told the CCB sleuths that the money was for the purchase of 57 kg gold bullion that had been sent to Ali Khan, Reddy’s PA, through courier. Ambidant had cheated over 15,000 investors to the tune of over Rs 600 crore.

Reddy walked into the CCB office with his lawyer Chandrasekhar and denied any role in the case, while extending cooperation to the investigation.

He denied reports that he was hiding and evading arrest. Reddy said he was in Bengaluru and was taking legal help to defend the charges. “I recieved the summons notice only on Friday,” Reddy said.

Claims innocence

While CCB officials claimed that they had evidence against Reddy for his transactions with Ambidant, Reddy maintained he had not done anything wrong and the police didn’t have any proof.

Reddy, prior to appearing before the CCB, released a video to the media with his advocate saying that he was not absconding and was in Bengaluru.

Two hours after Reddy was being grilled, the CCB summoned Fareed, so that they can question the two together. Ali Khan was questioned at an undisclosed place. Several investors gathered before the CCB office along with documents, when Fareed was summoned.

“I had invested Rs 3 lakh as Ambidant promised Rs 9,000 per month in halal interest. I have not got a single penny for the past five months,” said Ziaulla Baig, a 40-year-old tailor from Goripalya.

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