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Janardhan Reddy under lens in Rs 600 crore investment fraud
Posted on: 08-11-2018 , 09:56:AM | DY365 Bureau

 picture courtesy: Times of India

November 8, 2018: BJP leader and mining baron G Janardhan Reddy has come under the police scanner for his alleged role in “bailing out” Syed Ahmed Fareed in an Enforcement Directorate (ED) case involving a Rs 600 crore chain-link investment fraud. Police said preliminary investigations had revealed that Reddy and his assistant Ali Khan received 57kg of gold (worth Rs 18 crore) from Fareed to “negotiate” with ED officials.


Fareed and his son Syed Ahmed Afaq are accused of running Ambidant Marketing and duping thousands of investors since December 2016.

Briefing reporters here on Wednesday, city police commissioner T Suneel Kumar said: “The crime branch had been investigating the financial transactions of Ambidant Marketing Private Limited following several complaints from people stating that they had been cheated. We had seized the bank accounts and on scrutinising them, one transaction pertaining to payment of Rs 18 crore raised suspicion. It is in this backdrop that we have arrested two persons, including Fareed. We have also decided to summon Janardhan Reddy, Ali Khan and others for questioning.”

Police carried out a search at Reddy’s apartment near Basaveshwara Circle during the day and seized a few documents.

Ambidant, which has been operating from RT Nagar, had collected money from more than 15,000 people, most of them Muslims who had been promised returns on investment “the Islamic way”. The company offered 30-40% returns on investment. While investors were paid some profits initially, the company began playing truant within a few months. Investors lodged police complaints and staged protests. The ED raided the company in January this year.
 
 

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