Ballari's Janardhana Reddy arrested in Rs 600 crore Ponzi scheme case
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Ballari's Janardhana Reddy arrested in Rs 600 crore Ponzi scheme caseKarnataka's former BJP Minister and mining baron Gali Janardhana Reddy was arrested and jailed for allegedly shielding two accused persons in a multi-crore Ponzi scheme, a senior police official said on Sunday. The Central Crime Branch police took Reddy to state-run Victoria Hospital in the city for the mandatory medical check-up before producing him at the Magistrate's residence. The CCB charged Reddy with shielding a man and his son, both accused in a Rs 954-crore Ponzi scheme, from being investigated by the Enforcement Directorate (ED) for alleged money laundering in violation of the Foreign Exchange Management Act (FEMA).
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Ballari's Janardhana Reddy arrested in Rs 600 crore Ponzi scheme caseReddy's arrest comes a day after he drove to the CCB office on Saturday evening in response to its summons in the Ponzi case. "Reddy has been lodged in the city central jail. We will apply for bail in the same court on Monday for his release," his lawyer Chandrashekar told reporters. Reddy was quizzed on Saturday by CCB officials led by Kumar, Deputy Commissioner of Police S. Girish and Assistant Commissioner of Police Venkatesh Prasanna. Reddy, 51, a former BJP Minister in the state (2008-11), however, denied his involvement in the case.
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Ballari's Janardhana Reddy arrested in Rs 600 crore Ponzi scheme caseThe ED on Thursday charged the duo -- Syed Ahmed Fareed and his son Syed Afaq Ahmed with Ambidant Marketing Ltd with running a potential Ponzi scheme offering huge interest to investors in the name of 'Islamic banking'.