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.
Janardhan Reddy who was arrested by Bengaluru Central Crime Branch, in connection with Ambident Group alleged bribery case has been sent to judicial custody till November 24. pic.twitter.com/YrIBxCQWfJ
Reddy was arrested in connection with the alleged Ambident ponzi scheme.
Today Janardhan Reddy was produced before the Judge & the Court was pleased to accept our bail application on record. Judge has granted time till tomorrow to file objection on the main bail application & the application will be taken tomorrow: Janardhan Reddy's Lawyer. #Karnatakapic.twitter.com/MpKxUaJyQ2
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)
Additional CP Crime Branch, Alok Kumar, stated that the arrest has been made on the basis of 'credible evidence and witnesses' statements'.