Ponzi scam: Mining baron Janardhana Reddy remanded to Judicial custody till Nov 24

Mining baron and former Karnataka minister G Janardhana Reddy was remanded to Judicial custody till November 24th in connection with a multi-crore ponzi scam case yesterday. First Additional City Chief Metropolitan Magistrate Jagadish in Bengaluru remanded Reddy to judicial custody when he was produced by the Central Crime Branch Investigating officers. 

The former minister, who is facing charges of money laundering and bribery in the ponzi scam, was arrested in Bengaluru yesterday after marathon questioning by police. The Central Crime Branch of Bengaluru police had interrogated Reddy and his close aide Ali Khan since yesterday. 

Crime



Branch Additional Commissioner of Police Alok Kumar has said that the decision to arrest Reddy was taken today on the basis of credible evidence and witnesses statements. 

Reddy, who was a minister in the erstwhile BJP government in Karnataka, is alleged to have received gold worth  20 crore rupees to allegedly help a private firm, Ambident Pvt Ltd, dodge a money laundering case being pursued by the Enforcement Directorate. He came on Crime Branch radar when the agency was probing cheating cases filed against Ambident for defrauding over 15,000 people to the tune of over 600 crore rupees through Ponzi schemes.