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Day after Ballary poll, why is Janardhan Reddy on the run

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    Bengaluru, Nov 7: Bengaluru CCB conducted raids on mining baron Janardhana Reddy's Parijatha apartment on Wednesday. Police and ED are conducting raids simultaneously in multiple locations. 

    Bengaluru police commissioner T Suneel Kumar said that Janardhana Reddy is on the run.

    G Janardhana Reddy. PTI file photo

    Bengaluru Police Commissioner T. Suneel Kumar, said, "Several cases were registered against Ambidant. The company cheated people by promising to double investments More people are involved in this scam, can't reveal the details now."

    Meanwhile, Janardhana Reddy's close aide Ali Khan got anticipatory bail in Ponzi scam case.

    "We are conducting a probe in tandem with Enforcement Directorate, " said the Police Commissioner.

    Also Read | Karnataka bypolls 2018: Why is victory in Bellary very special for Congress?

     The Central Crime Branch (CCB) formed a team to nab Reddy for his alleged involvement in a Ponzi scam.

    At the age of 21, Janardhana Reddy had established a Residuary Non-Banking Finance Company under RBI in the year 1989 and name of the company was Enable India Savings & Investment Company Limited spreading across South India with total 125 branches with turnover of 350 crores company is still working but it has stopped collecting deposits from 2003 and he surrendered the Certificate of Registration to RBI after paying back the entire money with interest to all his depositors and he was the first person in India from Non-Banking sector to obtain an appreciation letter from RBI.

    According to reports, Reddy's Enable India Company received 57kg gold bars from Ambidant Company, an investment firm. The owner of Ambidant Company, Fareed approached Reddy for this deal through latter's close-associate Ali Khan.

    Ali Khan allegedly purchased gold bars in the name of Enable India Company. In June, the Income Tax department had carried out a raid in Ambidant Company related to ponzi scam. Reddy's involvement has been unearthed during the investigation against the company.

    Also Read | In Mandya, Ramanagara by-poll results, BJP has something to smile about

    Meanwhile, BJP MLA B Sriramulu claimed that he was not aware of the case against Janardhana Reddy.

    The alleged case comes after the Congress-JDS alliance put up a good show in byelections held for 3 Lok Sabha and 2 assembly seats were held in Karnataka. The alliance won 4 seats and BJP won only Shimoga Lok Sabha seat. Sriramulu' sister J Shantha lost against Congress leader VS Ugrappa in Bellary.

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