Ambidant Marketing charged for running potential ponzi scheme in name of Islamic banking; ED writes to RBI.
Gali Janardhana Reddy:CCB Police on look out for ‘absconding .
Ballari-based mining baron and former Karnataka minister G Janardhan Reddy was absconding as police were on the look out for him in connection with a money transaction worth crores of rupees allegedly linked to a ponzi scheme, top officials said on Wednesday.The Central Crime Branch police here is also hunting for Reddy’s close aide Ali Khan, who allegedly struck a Rs 20 crore deal with Syed Ahmed Fareed of Ambidant Marketing pvt Ltd, a company accused of involvement in the ponzi scheme, to bail him out from Enforcement Directorate investigation.
CCB sleuths conducted a search at Reddy’s Bengaluru residence and seized some documents, Deputy Commissioner of Police Girish S said we have sent our team to various places in search of him.
Three special teams has been formed one team has went to Bellary one is in Andhra Pradesh and one team is probing in Bengaluru. Three ACPs are heading the team are ACPs as,Subramani,Venkatesh Prasanna and Manjunath Choudhary are on search for the absconding Former BJP Minister Gali Janardhan Reddy.
Bengaluru city police commissioner,T.Suneel Kumar,told media persons that,During the year 2016 and 2017,A company by name Ambidant has started its business in DJ Halli Police Stafion limits of Bengaluru city promising the people that if they invest in this company they will give 30-40% interest per month in the form of profit believing them lot of the thousands of people have invested their money to gain confidence they have returned some money to some of the investors based on that more and more money was got deposited in to this company to that effect when he has failed to fulfil the promise in the year 2017 cases were registered against the Ambidant company and in the month of January or February of this year the Enforcement department has also raided the company.Based on the incident recently as he has not fulfilled his promise of giving the profits or giving back the principal amount people have complained in large number to the Bengaluru city police looking on the seriousness the CCB police have taken up the investigation of this case under the supervision of the DCP Crime Girish S and Addl CP Crime,Alok Kumar as the probe was going on a particular transaction of Rs.18 Crore was was located when it was identified it was found that from the Ambidant company Rs.18 Crore has been transferred to one account which belongs to one Ramesh Kothari who runs a bulion business in the name of Ambica Jewellers.When the team questioned Ramesh kothari told that he has transferred he has given 57 kg of gold to another Ramesh of Bellary who runs a Ramesh Jewellers business when the Ramesh jewellers person was questioned by CCB he has disclosed that he has taken 57 kg of gold from Ramesh and that gold was handed over to Gali Janardhan Reddy P.A.(Personal Assistant),Ali Khan based on that information the investigation is going on further.When asked is their is any direct links with Janardhan Reddy in this case Suneel Kumar said,They has they have been taken some meetings between Farid the owner of Ambidant company there are some meetings which have taken place in what Connection in what purpose they have met during the course of investigation we will be in able to disclose them,when asked by reporters that there are reports that Janardhan Reddy has promised this Farid that he can quash the case with the ED links that he has is this is true Suneel Kumar replied to it what Farid is claiming that he has paid the money that because Janardhan Reddy and the other concerned people have promised him that they will help him out in the Enforcement Directorate case.The CCB is after Ali Khan and Janardhan Reddy in this case so far Farid has been arrested Ramesh the owner of Rajmahal Jewellers of Bellary has been arrested,Ramesh Kothairi of Ambica Jewellers has been questioned and some other people have been questioned in this case when asked is Janardhan Reddy is a accused or suspect in this Suneel Kumar said,see this entire transactions moves around the transfer of Rs.18 Crore what is the promise he has made or told that the amount has been given to quash the ED case we have to verify is it fact or whether the ED has registered any case against Farid all these things now it is part of a transaction that the public money has gone to someone’s account we have to recover that as of now we don’t have any evidence that Janardhan Reddy has bribed any ED officials.There are some more guys who has made this entire transactions happened,When asked when was Farid arrested he said Farid had a general anticipatory bail from the court when states at the event of arrest he should be released on bail again Farid was arrested a week back by CCB police and again he was produced before the court and he has got a bail again but he has been given the condition whenever the investigating officer call for he shall appear before the investigating officer and to cooperate with them.CCB team has gone to Bellary,Andhra and Hyderabad in search of some people,there are 12 bank account of the accused we need to verify to whom it was transferred and we need to recover 57 kg gold from them.In any cognizable offence police can summon anybody as part of the investigation we don’t need arrest warrants for searching we need search warrant but for arresting we don’t need arrest warrant in a Cognisable offence any police officer who is an SHO of the police station he can arrest anybody who has involved in the cognisable offence without warrant.Even a citizen under the 41 Crpc can arrest a fellow who is involved in a cognisable offence.In the Photographs Farid is there Janardhan Reddy is there and one More Brijesh Reddy is there and his son.Brijesh reddy is the introducer who has fixed this deal he added.
However, Additional Commissioner of Police (Crime) Alok Kumar said there was no political connection to the probe. He said his team had been working on the case for the last 20 days, but waited till November 3, for the bypolls to be over for further action, so that it was not politicised he added.
Ambidant company owner Fareed was taken to spot for the spot investigation and Mazhar in the meanwhile the Mazhar video was leaked to the media as the Mazhar video should be given to court before that it was leaked on Thursday for this, Addl CP Crime Alok Kumar with DCP Crime Visited Chamarajpet CCB office to review the investigations and to verify the documents seized and a meeting was held to collect the information about the video leaked to media and about 3 hours Alok Kumar and DCP,Girish conducted interrogation and drilled the accused Fareed at the CCB office and collected the information related to the case and he said we are verifying who has leaked the video and if our officers are involved in leaking the video action will be taken and a fair probe is being conducted by us in all angles and the other state police are also cooperating with us in the search and action will be taken as per law on the persons involved in the scam he added.
Meanwhile G.Janardhan Reddy’s lawyer Chandrashekar told media persons that he denies all allegations against the minister Janardhan Reddy and says he has been framed unnecessarily in this case we will fight legally and there is no such evidence with the cops to prove that janardhan Reddy has received any money from anyone and says let the cops display any proof that janardhan Reddy has received the amount in his bank from them all the allegations are baseless he added.
Ambidant is accused of defrauding nearly 15,000 people in Karnataka region in 2016-17.Posing as an investment firm, the company had promised depositors 30-40 percent return per annum a promise to which they did not comply. The quantum of scam amounts to nearly Rs 600 crores.
The Enforcement Directorate (ED) on Thursday said it conducted a probe and raided the offices of Bengaluru-based investment firm Ambidant Marketing Pvt. Ltd. early this year.
The ED issued a statement detailing its investigations amidst bribery allegations after the owner of Ambidant firm alleged that he paid mining baron and former Minister G. Janardhana Reddy Rs.20 crore to help him close an ED investigation against him.
The ED, Bengaluru Zonal Office, said it had conducted search operations on January 4 and 5, 2018 on various premises belonging to Ambidant in Bengaluru after receiving a tip from the Income Tax Department that it was involved in forex trading.Forex trading to the extent of Rs.4.2 crore and several FEMA violations, such as floating a firm in Dubai and opening bank accounts in a foreign country without permission from RBI, came to light. The matter was adjudicated by the Joint Director and a penalty of Rs.1.86 crore was recovered,said the ED statement.
Further, enquiries have also been initiated by the ED over the ownership of assets by these persons/entities in UAE, which is still continuing, the statement said. The probe revealed that Ambidant was involved in collecting investments from clients in the name of Halal Investment and offered huge returns to the extent of up to 12% per month.
From inception (on 20.12.2016), the company has so far received investment totalling to Rs.954.05 crore,said the ED in its statement.It came to the fore that the scheme run by company is surely a potential ponzi scheme. In view of the above, ED has written to the RBI to have a re-look into the matter.