Rs 600-Crore Ponzi Scam: Mining Baron Janardhan Reddy Arrested, Now In Judicial Custody

Former Minister and mining baron G Janardhan Reddy has been sent to judicial custody until 24 November by the Central Crime Branch (CCB). The arrest was made and he was produced before the magistrate on Sunday (11 November), Deccan Herald reported. Police conducted an interrogation earlier for more than 20 hours before arresting him.

Reddy has been arrested for being part of a ponzi scheme, which allegedly swindled over Rs 600 crore.

Apart from him, another accused who happens to be his close aide, Ali Khan, has been arrested and is being charged with criminal conspiracy. Deccan Herald quoted Additional Commissioner of Police (Crime) Alok Kumar as saying, “After detailed interrogation, evidence gathering, and statements by witnesses, we found that Reddy was involved in the case and his arrest was necessary. We will further probe the case to know its depth and all the victims’ money will be recovered”.

After being remanded in judicial custody, Reddy was taken to Parappana Agrahara central prison. On Friday (9 November), the City Civil and Sessions court refused to grant anticipatory bail in the matter to both Reddy and Khan. Reddy is accused of getting 57-kg gold that sums up to Rs 18 crore from the proprietor of Ambident Marketing Pvt Ltd Syed Fareed Ahmed.

Furthermore, that company duped nearly 15,000 people who invested over Rs 600 crore totally.