Business Standard

Bengaluru court declines anticipatory bail to mining baron Janardhana Reddy

IANS  |  Bengaluru 

A city court on Friday declined to grant to Karnatakaa's baron Gali Janardhana Reddy, who fears arrest by the state's Central Branch (CCB) in a Ponzi scheme-related case.

"said he cannot grant to my client (Reddy) without hearing the prosecution side and adjourned the case to Monday (November 13)," Reddy's senior told reporters here.

Though the CCB summoned for interrogation in the Ponzi scam, in which he is accused of shielding its perpetrators from being investigated by the (ED), Hanumantharaya alleged that the CCB had wrongly framed his client in the case, as his (Reddy's) name was not in the FIR filed against suspected to be behind the scam.

When the asked the the urgency in seeking as was legally bound to appear before the CCB in response to its summons, the said the police was searching for and raided his residence in the city and Ballari on Wednesday and Thursday in connection with the scam.

Reddy, a former BJP in the state, is on bail in the scam that rocked the southern state for over a decade from 2002-12.

"The has issued notice to the for filing objections, if any, against Reddy's petition for anticipatory bail," said his counsel.

Reddy's counsel also sought a court directive to the CCB for changing the investigation officers, as the Ponzi case does not come under their jurisdiction.

The ED on Thursday charged Ambidant owners and his son with running a potential offering huge interest to investors in the name of 'Islamic banking'.

"Investigation revealed that the city-based has been operating a potential and duping hundreds of investors in the name of Islamic and 'Halal' investment," the ED said in a statement here.

Since its inception on December 20, 2016, the company is alleged to have received a whopping Rs 954 crore as investments under Haj/Umrah and Ultimate plans.

Interrogation of the Ahmeds (father and son) revealed that the duo had allegedly gifted Reddy 57 kg gold valued at Rs 18 crore through his for bailing them out of the cases from the police and the ED.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 22:22 IST