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Police on lookout for ‘absconding’ Gali Janardhan Reddy in a Ponzi scheme

Former Minister and mining baron Gali Janardhana Reddy has gone absconding as the Bengaluru Central Crime Branch (CCB) police are on the lookout for him after his name emerged during the probe of a multi-crore cheating case. He is suspected to have received 57 kg of gold worth Rs 18 crore to help an accused in a case being investigated by the Directorate of Enforcement (ED).

City Police Commissioner T Suneel Kumar said that the CCB is probing a case in which Ambidant Marketing Pvt Ltd had cheated over 15,000 people to the tune of around Rs 600 crores by promising high-interest rates. “There was a raid on the firm by the ED officials on charges of money laundering, while the cheating cases booked against the firm by the public was entrusted to the CCB for further probe.

During the investigation, it was found that the owner of the firm Syed Ahmed Fareed had 12 bank accounts and it was found that Rs. 18 crore was transferred to a bullion dealer in Bengaluru. When he was summoned for questioning, he revealed that he was paid money to provide 57 kg of gold ingots to Ramesh, a Jewellery shop owner in Ballari”.

“When Ramesh was questioned, he admitted that he had given the gold to Janardhana Reddy. Further investigations revealed that Fareed had approached Reddy and his accomplice Ali Khan seeking help in the ED case. He offered to pay Rs 20 crore for the help and Reddy allegedly demanded that everything should be given in gold.

Ali Khan introduced him to jeweller Ramesh, who purchased gold on behalf of Fareed and gave it to Reddy,” Kumar said. The CCB police arrested Ramesh in connection with the case a week ago after which Reddy and Ali Khan have gone absconding. “We are on the lookout for Reddy and Khan, as they are wanted in our case. We have also searched several premises in Bengaluru and Ballari,” the police added.

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