Bengaluru | The Bengaluru court on Wednesday granted Mining baron and Bhartiya Janata Party (BJP) leader G Janardhan Reddy on a bond of Rs 1 lakh. The Karnataka minister was arrested in connection with a multi-crore Ponzi scheme case.
G Janardhan Reddy granted bail on a bond of Rs 1 lakh. He was arrested by Bengaluru Central Crime Branch in connection with Ambident Group alleged bribery case. (File pic) pic.twitter.com/AZq01yjYgu
— ANI (@ANI) November 14, 2018
The Court had earlier reserved orders on the bail petition filed by BJP leader G Janardhan Reddy. Reddy was arrested on Sunday in connection with a money transaction worth crores of rupees allegedly linked to a Ponzi scheme. He was booked under various sections of the Indian Penal Code and the Prevention of Money Laundering Ac, and remanded to judicial custody till November 24.
Reddy’s lawyer on Tuesday had submitted that his client had no connection with the ponzi case and he had not cheated any investor. The lawyers said, “The irony of this case is that the accused number one — Ahmed Fareed of Ambidant Marketing pvt Ltd — is roaming free on bail and my client (Reddy) has been sent to judicial custody”. Reddy has claimed the allegations against him were part of a “political conspiracy”.
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