The Ambidant Ponzi scam case hearing was postponed, but the date for next hearing is not fixed yet
Bengaluru: The Karnataka high court has postponed the hearing of a Ponzi scheme case against Ambidant that involves Janardhan Reddy and his associate Ali Khan.
A one-member bench on Tuesday heard the case of Reddy and his associate's deal with the owner of Ambidant company, who is accused of cheating his customers to the tune of Rs 600 crore in a Ponzi scheme.
Mining baron Reddy had filed petition to quash the case against him. Reddy was earlier remanded to judicial custody in this case.
Reddy is accused of helping the Ambidant Marketing Private Limited owner Syed Ahmed Fareed by allegedly bribing the Enforcement Directorate (ED) against conducting raids on the company. Reddy is said to have demanded Rs 20 crore from Ambidant in the form of 57 kg gold.
The high court had earlier taken the City Crime Branch (CCB) to task for concentrating on Reddy than the main accused in the case, Fareed. On November 27, the HC had directed not to take any action forcefully against Reddy.
Currently, the hearing has been postponed but the date for the next hearing is not fixed yet.
Meanwhile, after Reddy was arrested on November 10. He was granted conditional bail on November 15 as there was no prima facie evidence against him linking with Ambidant Marketing.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.
Last Updated Dec 4, 2018, 6:15 PM IST