Ponzi scam case: We may arrest Reddy, cops say

BENGALURU: The Central Crime Branch (CCB), investigating into the Rs 600 crore alleged fraud by Ambidant scheme, may arrest former state minister Gali Janardhana Reddy for his suspected role that includes money laundering and helping prime accused in making illegal cash transactions.
“We are in the process of documentation right now. Based on evidences collected against Reddy, decision to arrest the former minister or not will be taken in couple of hours,” a senior cop said.
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 R P 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”.

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