Mining baron and former Karnataka minister G Janardhana Reddy was granted bail by a magistrate’s court here on Wednesday, three days after he was arrested in connection with a bribery case on Sunday.
The case against Reddy pertains to one Syed Ahmed Fareed, a ponzi scam accused, alleged to have cheated around 15,000 people to the tune of Rs 600 crore through his firm Ambidant Marketing. Fareed allegedly told police that he had given Reddy 57 kg of gold worth Rs 18 crore after the latter promised to help him in an investigation launched by the Enforcement Directorate
The first additional chief metropolitan magistrate V Jagadeesha granted Reddy bail on the condition that he provide two sureties and furnish a bond of Rs 1 lakh.
Speaking after the verdict, Reddy’s advocate RP Chandrasekhar said: “Bail was granted to Reddy because prima facie there was no connection between him and Ambidant Marketing.”
The advocate said it was clear that the reason Reddy was arrested was because of a political vendetta.
“Reddy told investigating officers time and again that he had no connection with the company,” Chandrashekhar said and added that the transaction was a separate development from the Ponzi scheme, and the transaction had to be investigated separately.
{{/usCountry}}“Reddy told investigating officers time and again that he had no connection with the company,” Chandrashekhar said and added that the transaction was a separate development from the Ponzi scheme, and the transaction had to be investigated separately.
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