"We have taken the decision to arrest him on the basis of credible evidence and witnesses statements. We will produce him before the magistrate. We are going to recover the money and give it to the investors," said Alok Kumar, Additional CP, Central Crime Branch.
Central Crime Branch arrests G Janardhan Reddy in connection with Ambident Group alleged bribery case. https://t.co/GO9hhkOGAM
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The investigating agency said that they have also arrested Reddy's aide Mehfuz Ali Khan.
Reddy was arrested for his suspected role that includes money laundering, destruction of evidences and helping prime accused in making illegal cash transactions.
Earlier today, the investigating agency had said that they are in process of documentation right now and Reddy will be arrested in couple of hours.
Reddy had appeared before the agency on Saturday evening. The CCB probe revealed that Reddy and his aide Mehfuz Ali Khan received 57kg gold worth Rs 18 crore from Ambidant Marketing to 'negotiate' with ED officials to go easy against its promoter Syed Ahmed Fareed.
The cops grilled Reddy till late in the night to ascertain his involvement in the money trail.
The CCB had issued a notice to Reddy and Khan on Friday, directing the duo to appear for questioning on Sunday.
However, Reddy arrived at the CCB office in Chamarajpet around 4pm on Saturday, accompanied by his lawyer RP Chandrashekar and Khan.
CCB DCP- S Girish took a three-page written statement from Reddy and by 5.15pm, additional commissioner of police (crime) Alok Kumar arrived at the CCB office.
"Prime accused Fareed was taken to the room where Reddy was being grilled, and they were cross-questioned," sources said adding "Reddy was questioned till late mid night".
Earlier, Karnataka commissioner of police, T Suneel Kumar had said, "A company Ambidant, set up in 2016-17 assured investors a return of 30-40 per cent per month in form of profits. Thousands of people were lured to invest. Initially, they returned the first batch profits as promised following which more people poured in. Subsequently, when it failed to return the principal amount, cases were registered. In January 2017, the ED raided the company. The crime branch took over the case and a probe was conducted which revealed that transactions to the tune of Rs. 18 crore were carried out."
Later, it was discovered that the company had allegedly transferred the money to Ramesh Kothari who runs a billion business in the name of Ambika Jewellers. On quizzing Kothari, he informed that he had used the money to buy the gold, which was handed over to Reddy's personal assistant Ali.
from Times of India https://ift.tt/2z3BWVf
