Ponzi scheme case: Ballari mining baron Janardhan Reddy sent to judicial custody till November 24

Janardhan Reddy. Photograph:( Zee News Network )

WION Web Team Delhi, India Nov 11, 2018, 05.18 PM (IST)

Ballari mining baron Janardhan Reddy has been sent to judicial custody until November 24, news agency ANI reported. 

Janardhan Reddy was arrested by Bengaluru Central Crime Branch, in connection with Ambident Group alleged bribery case, earlier on Sunday. 

Additional CP Crime Branch, Alok Kumar, stated that the arrest has been made 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," Kumar added. 

The Central Crime Branch also arrested Ali Khan, Reddy's close aide. 

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Reddy was arrested in connection with the alleged Ambident ponzi scheme. 

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Syed Ahmed Fareed, the owner of Ambident, had claimed he had paid Rs 18 crore to be let off when the ponzi scheme came to light. Fareed said Reddy, who had been a minister in the then BS Yeddyurappa government, had asked for the money during a meeting at a hotel. 

Fareed said the money had been paid; that it had been routed to Reddy's aide. 

(With inputs from agencies

Story highlights

Additional CP Crime Branch, Alok Kumar, stated that the arrest has been made on the basis of 'credible evidence and witnesses' statements'.