Mining Baron,Gali.Janardhan Reddy Granted Bail in Ponzi Scheme Scam Case by 1st ACMM Court :
Mining baron and former minister Gali. Janardhana Reddy was granted bail on Wednesday after spending the last three days in Central Jail,Parappana Agrahara. He was arrested by the Central Crime Branch (CCB) for allegedly taking Rs.2 Crore in cash and Rs.18 Crore in gold from an investment firm to bribe ED officials on its behalf.
The 1st Additional Chief Metropolitan Magistrate court Judge,V.Jagadeesh has granted bail on a bond of Rs.1 Lakh and two sureties.The court directed Reddy not to hamper the investigation and influence witnesses,and asked him to cooperate with the investigation.
The court had earlier reserved its bail orders on Tuesday.Reddy was arrested on Sunday in an alleged bribery case involving the Ambidant Group.He is suspected to have received 57 kilograms of gold worth Rs 18 crore to help an accused in a case being investigated by the Enforcement Directorate (ED).
According to CCB officials,who followed the money trail,Rs.18 Crore from Ambidant had been converted into gold bullion and diverted through two jewellery firms before being handed over to Reddy’s aide Mehfooz Ali Khan.
Khan,who was also arrested, filed an additional affidavit before the court stating that he had taken a loan of Rs.18 Crore from Ambidant with the assurance that he would return the money within 10 days.
Reddy was arrested following a marathon questioning after he appeared before the CCB,ending his elusive run for three days.
The CCB had been on the look out for Reddy, who was declared absconding by the police last week in connection with a transaction worth crores of rupees allegedly linked to a Ponzi scheme fraud involving hundreds of Crores of rupees.
The case pertains to a ponzi scheme by Bengaluru based company Ambidant Marketing Private Limited.The company allegedly duped thousands of people promising huge profit for their deposits.
Reddy is alleged to have promised to shield the accused Syed Ahmed Fareed and his son Ashfaq,for which he received 57kg of gold worth Rs.18 Crore through his aide Ali Khan, who was also arrested on Sunday.
He has been booked under Indian Penal Code (IPC) sections 204 (destruction of evidence), 120B (criminal conspiracy) and 420 (cheating), as also under various sections of the Prevention of Money Laundering Act, 2002.
The court had asked the CCB on Tuesday whether there were any complaints against Reddy and whether the charges against him were filed merely on the basis of a statement of an accused.
The defence counsel had questioned the necessity of arresting Reddy when the courts had granted bail to five accused in the case.
Speaking to mediapersons at the Congress office in Tumakuru on Wednesday,Deputy Chief and Home Minister of karnataka state,Dr.G.Parameshwara said that the government will give a suitable reply to the court along with evidence and he ruled out any political malicious intention behind Reddy’s arrest, and said the police were working within the legal framework he added.
Chandrashekar,Janardhan Reddy’s Lawyer told media persons that,This is Victory for the rule of law from day one Gali Janardhan Reddy has maintained his honesty that is not connected with the Ambidant group of company.See bail today was granted to Mr.Gali Janardhana Reddy because Prima facie there was no connection between him and Ambidant private limited company which allegedly floated Ponzi scheme that taking money from the depositor and not returning them on time so in this fraud that was committed cheating that was committed by Ambidant private limited company in that cases when the police were investigating that case they allegedly found some transaction straight transaction.But CCB police you know instead of getting into the depths of cheating committed by the Ambidant private limited company the transaction which the Gali Janardhana Reddy allegedly was involved they started falling behind that transaction for getting entirely Ambidant company fraud case.This is political vendetta and to achieve their this political malafide are attributable to the investigating agency and the CCB.There Bonofides are not beyond reasonable doubts definitely there are unknown hands that are working behind this and to achieve this completely they deviated the investigation they have tarnished the image of Mr.Gali Janardhana Reddy and connecting him with some offense with some Ponzi Scheme to which Prima facie there was no material at all.When asked you had time till Sunday to appear before the CCB you decided to go on Saturday was it a mistake on your part,Chandrashekar said,no no it is not a mistake it is not a mistake at all notice was issued to us to appear on Sunday and a law abiding citizen it is his duty to appear before the investigating officer within the hour in which he is suppose to appear so it was his Bonafide approach asking the CCB police to understand the issues that he is no way connected to this Ambidant private limited company affairs and when he was making time and again he made it clear to the investigating officer he had 24 hours at his disposal and in that 24 hours also Mr.Gali Janardhana Reddy time and again told him that he has no connection with this Ambidant private limited company and there were no record to show regarding his connection.Inspite of that the arrest was caused the only recourse available to Gali Janardhana Reddy was to question it in the appropriate Forum that is the court of law which he did and he filed the bail application and made known his available points to the honourable court of law where the honourable court of law was pleased to grant him bail imposing him certain conditions.When asked will be out today from Parapana Agrahara jail,Chandrashekar said,Yes the possibilities are if the court procedures are over by evening the possibilities are he will be released by evening conditions are two people’s seurity and the regular condition which at the time of bail the honourable court would impose with two people’s seurity and Rs.1 Lakh bond and if any conditions imposed by honourable court he will be abiding Scurplously he added.
Vanitha Guttal,Janardhan Reddy’s cousin told media persons that,i am very happy this is the proof for the words of truth will always triumph.Atleast from now on IAS and IPS officers shouldn’t misuse their power to please some people instead they should use their power to help marginalized people she added.
“Gali Janardhana Reddy fumes at CM,H.D.Kumaraswamy he even lambasts,Addl CP Crime,Alok Kumar and CCB DCP,Girish after release”.
After stepping out of Central Jail, Parappana Agarahara on Wednesday evening, former minister Gali.Janardhana Reddy firstly lambasts Addl CP Crime Alok Kumar and DCP CCB Crime,Girish S,and
claimed that he was innocent and a victim of a government vendetta.He claimed that his arrest was an act of revenge by Chief Minister,H.D. Kumaraswamy whom he had accused of taking bribes 12 years ago.I had met Ambidant owner Fareed at the Taj West End to advise him to return the money invested by Mehfooz Ali Khan and his family.Fareed promised to return the money soon.This does not mean I made a deal with Ambidant as alleged by the CCB, he said.Reddy even asked for security claiming that he fears for his life.I have requested the government twice to provide security. When the Andhra Pradesh government can provide me security, why can’t the Karnataka government?”he asked.Describing BJP leader Ananth Kumar as his mentor, he said,It’s very unfortunate that I could not pay my last respects to my mentor he added.
PRAMESH S JAIN
