Police on the lookout for "escape" Janardhan Reddy in a Ponzi scheme | Bengaluru News

BENGALURU: G Janardhan Reddy, former Minister of Karnataka and Ballari-based Mining, is escaping while the police are waiting for him as part of a monetary transaction involving millions of rupees presumably related to a ponzi, said Wednesday officials.

Central criminal police also look for Reddy's close adviser, Ali Khan, who allegedly signed a 20 million rupee deal with Syed Ahmed Fareed of Ambidant Marketing pvt Ltd, a company accused of involvement in the ponzi scheme, to bail it out. out of the investigation of the Directorate of Law Enforcement.

Bengaluru Police Commissioner T Suneel Kumar said that Reddy was running away and that the police were looking for him to question him about the case.

"Based on the information gathered, the investigation continues … The CWB is after Ali Khan and Janardhan Reddy," he told reporters.

BCC detectives raided Reddy's residence in Bengaluru and seized documents, said Deputy Commissioner Girish S.

He also stated that CWB teams had gone to various locations, but had refused to disclose more details.

This evolution comes a day after J Shantha, sister of Sriramulu, secret confidant of Reddy, BJP candidate, lost in Ballari Lok Sabha's ballot box, is seen as a solid hold on the Reddy brothers.

Congress won the seat that allowed the BJP to take control of Ballari since 2004.

However, police commissioner in charge of crime, Alok Kumar, said that there was no political connection with the investigation.

He stated that his team had been working on the file for 20 days but had waited until November 3 for the judicial proceedings to be completed, so that the case was not politicized.

Reddy, a minister under the previous BJP regime, had been arrested by the CBI in 2011 for alleged fraud related to illegal mining and had been released on bail three years later.

Reacting to the latest development in date, Sriramulu baderted that he had no information about the case and the fate of Reddy, but that no one was above the law.

"I do not have complete information (…) .I say no one is above the law, let the law take its course," he said. .

To the question of whether Reddy was an accused or a suspect, the Commissioner of Police stated that Fareed's statement was that he had paid the money, because Janardhan Reddy told him had promised to help in the context of the investigation conducted by the ED and that he had to respond to these accusations. .

"We must also check if it is a fact, if ED has filed lawsuits against Fareed (…), we must recover the public money that was part of the transaction", a- he added.

However, the Commissioner clarified that there is currently no evidence that Reddy bribed an ED official.

He said: "We will have to investigate this case and get in touch with ED … We can not say right away that the officials of the latter are involved.If there is solid evidence, we will not spare anyone. "

Regarding the case, the police said that Fareed had created Ambidant by 2017, promising returns of about 40 to 50% for investment.

In response to this, thousands of people have invested their money in the company, which initially generated good returns, attracting more and more investors.

The company failed to pay the returns as promised, lawsuits were filed against it, officials said, adding that during the months of January or February, ED had also attacked.

Meanwhile, Fareed had met with Reddy through Ali Khan, who was asking him for help to get him out of the file, and a crore of 20 rupees was being asked in the form of a gift. a jeweler in Ballari.

During his investigation, the commissioner explained that a particular transaction of 18 crores of rupees had been paid by Ambidant to a certain Ramesh Kothari, who runs Ambika Jewelers in Bengaluru.

During his interrogation, Kothari said he gave 57 kg of gold to a jeweler named Ramesh, who runs Raj Mahal Fancy Jewelers in Ballari.

Ramesh had claimed that the gold had been handed over to Reddy's badociate, Ali Khan, he said.

He stated that there was no arrest warrant against Reddy, adding that BCB officials had carried out searches at a few locations in Bangalore and of Ballari as part of the case.

About reports of attempts by Reddy and badociates to obtain early release in Hyderabad, he said, he was not arrested. aware that through the media.

The police indicated that she had photographs of certain meetings to prove Reddy's direct connection to this case, about which she would like clarification during the investigation.

Reddy would soon be summoned during the investigation.

Police reported that they arrested Ramesh and collected several "crucial" documents.

Fareed has also been arrested, but is currently on bail.