Court Grants Bail To Mining Baron Janardhana Reddy In Ponzi Scheme Fraud

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"It is allowed," Sixth Additional Chief Metropolitan Magistrate V Jagadeesh said in his order on the bail plea of Reddy, who was arrested by the Central Crime Branch (CCB) of the city police Sunday.

A magistrate's court here had remanded Reddy in judicial custody till November 24.

Reddy was arrested following a marathon questioning after he appeared before the CCB, ending his elusive run for three days.

The CCB had been on the look out for Reddy, who was declared absconding by the police last week in connection with a transaction worth crores of rupees allegedly linked to a Ponzi scheme fraud.

Reddy has been booked under Indian Penal Code (IPC) sections 204 (destruction of evidence), 120B (criminal conspiracy) and 420 (cheating), as also under various sections of the Prevention of Money Laundering Act, 2002.

The court had asked the CCB on Tuesday whether there were any complaints against Reddy and if the charges against him were filed merely on the basis of a statement of an accused.

Source : https://timesofindia.indiatimes.com/india/mining-baron-janardhana-reddy-gets-bail-in-ponzi-scheme-case/articleshow/66621760.cms

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