Mining baron Janardhana Reddy granted bail in alleged Ponzi scheme fraud case

PTI photo

BENGALURU: Mining baron and and former state minister G Janardhana Reddy was granted bail by Bengaluru court in the alleged Ponzi scheme fraud case on Wednesday evening. He was arrested on Sunday following a marathon session of questioning in connection with a money transaction worth crores of rupees allegedly linked to a ponzi scheme.

Sixth Additional Chief Metropolitan Magistrate V Jagadeesh posted the petition to Wednesday for orders.

He was booked under various sections of the Indian Penal Code and the Prevention of Money Laundering Ac, and remanded to judicial custody till November 24. 

Reddy has claimed the allegations against him were part of a "political conspiracy".

Reddy, a minister during the previous BJP rule, was arrested by the CBI in 2011 in an alleged illegal mining scam case and granted bail three years later. 

With agency inputs