Advance bail denied to Janardhana Reddy, aide
Bengaluru: The 61st city civil and sessions court refused to grant anticipatory bail to mining baron and former minister G Janardhana Reddy on Friday and posted the matter for detailed hearing to Monday.
The Central Crime Branch (CCB) police had issued notice to Reddy on Friday to appear before the investigation officer in connection with his possible role in bailing out Syed Ahmed Fareed in an Enforcement Directorate (ED) case over a ponzi scheme.
Vidyadhara Shirahatti, the 60th additional sessions court judge, refused to grant anticipatory bail to Reddy without hearing the objections of the public prosecutor. The judge asked the advocate representing Reddy, “What is the urgency?”
Senior criminal advocate C H Hanumantharaya submitted that the CCB police had issued a notice to Reddy on Friday to appear before them within 24 hours, but in the press note issued by them on November 7, they said the involvement of Reddy and his associate Ali Khan was confirmed in the case. So, efforts were on to trace them. Since police may arrest him in the case, he sought anticipatory bail. Judge Shirahatti observed, “We cannot just go by the police press note and grant anticipatory bail. Judge Shirahatti observed, “We cannot just go by the police press note and grant anticipatory bail and first, Reddy has to appear before the investigation officer as police did not say they are going to arrest him.”
The advocate for Reddy said even though his name was not in the FIR, CCB police were searching his residences without notices. Now, they have issued notice to appear before them by Sunday and there are chances that they will arrest him, he said.
The judge dismissed the interlocutory application filed by Reddy, seeking grant of anticipatory bail, and adjourned the matter to Monday. A notice was issued to the government to file objections.
Ali Khan also filed for anticipatory bail before the same court and the judge asked why he had not appeared before the investigation officer. His advocate submitted that if court grants him bail, he will appear before the police. The matter was also posted for Monday.
Ponzi scheme victims
Meanwhile, two victims of the ponzi scam filed a impleading application to assist the public prosecutor in the case and that has been accepted by the court.
Karnataka’s mining baron Reddy arrested in Ponzi case
Bengaluru: Karnataka’s mining baron Gali Janardhana Reddy was arrested here for allegedly shielding the accused in a multi-crore Ponzi scheme, a police officer said on Sunday.
“Based on the evidences and statements, Reddy has been arrested and charged with criminal conspiracy,” Additional Commissioner of Police (Crime) Alok Kumar told reporters here.
Reddy, 51, will be produced before a magistrate for police or judicial custody later in the day.
The Central Crime Branch (CCB) charged Reddy with shielding a father and son, accused in the 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).
His arrest comes a day after he (Reddy) drove to the CCB office on Saturday evening in response to its summons in the Ponzi case.
Reddy was quizzed on Saturday by CCB officials led by Alok Kumar, Deputy Commissioner of Police (DCP) S. Girish and Assistant Commissioner of Police (ACP) Venkatesh Prasanna.
The CCB also arrested Reddy’s aide Ali Khan, who had allegedly struck Rs 18 crore deal with the accused, Syed Ahmed Fareed and his son Syed Afaq Ahmed of Ambidant Marketing Ltd, a city-based company that ran the Ponzi scheme and duped about 15,000 investors by laundering their money from Dubai.
Reddy, a former BJP Minister in the state (2008-11), however, denied his involvement in the case.
“I have no role in the Ponzi scheme. The police have no evidence to prove my involvement in it. They (police) are misleading the media and the public,” said Reddy in a video clip released to local news channels before his interrogation on Saturday.