Janardhan Reddy gets bail in Ponzi scheme case

Bengaluru, Nov 14: The ACMM court granted bail to mining baron Janardhan Reddy in connection with Ambidant alleged bribery case on Wednesday. Reddy has spent three days in jail.

Reddy's lawyer Chandrashekhar says his client was fixed in the Ambidant case unnecessarily. He further added that his client obedient to court and he was questioned for 24 hours by CCB police.

The Bengaluru police arrested former minister, Janardhan Reddy in connection with a Ponzi scam on Sunday. Reddy was sent to 14 days judicial custody by a magistrate.

The police have accused him of accepting gratification to ensure that the Enforcement Directorate would go easy on the accused. Reddy, during the questioning, denied all allegations. Reddy said that he is ready to cooperate, but also added that all the charges made against him are false.

Prior to appearing before the police, he had released a video in which he said that he was pained by the way in which the police were releasing false information to the media.