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Former Karnataka minister Janardhana Reddy, aide arrested in ponzi scam case

Bengaluru, Nov 11:  Former Karnataka minister and mining baron G Janardhana Reddy was arrested Sunday after hours of intense questioning by police in connection with a Ponzi scam case, Additional Commissioner of Police (Crime) Alok Kumar said.

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Reddy, who appeared at the Central Crime Branch (CCB) office Saturday, was arrested after the questioning ended Sunday morning, Kumar said.

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The CCB also arrested Reddy’s close aide, Ali Khan, in the case, he said.

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Reddy, who was allegedly on the run, had appeared before police along with his advocates. He had claimed the allegations against him were part of a “political conspiracy”.

The CCB police had been looking for him since Wednesday in connection with a transaction worth crores of rupees, allegedly linked to a ponzi scheme.

It was also on the lookout for Khan, who had allegedly struck a Rs 20-crore deal with Syed Ahmed Fareed of Ambidant Marketing Pvt Ltd, a company allegedly involved in the ponzi scheme, to bail him out of an Enforcement Directorate investigation.

PTI

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