Connect with us

Top News

Karnataka’s mining baron Reddy jailed in Ponzi case (Second Lead)

Published

on

Bengaluru, Nov 11 (IANS) Karnataka’s former BJP Minister and mining baron Gali Janardhana Reddy was arrested and jailed for allegedly shielding two accused persons in a multi-crore Ponzi scheme, a senior police official said on Sunday.

“Based on the evidences and statements, Reddy has been arrested and charged with criminal conspiracy and under various other Sections of the Indian Penal Code (IPC),” Additional Commissioner of Police (Crime) Alok Kumar told reporters here.

Later, Additional City Metropolitan Magistrate Jagdish sent Reddy to a 14-day judicial custody till November 24 after the police produced him at the Magistrate’s residence in the city.

The Central Crime Branch police took Reddy to state-run Victoria Hospital in the city for the mandatory medical check-up before producing him at the Magistrate’s residence.

The CCB charged Reddy with shielding a man and his son, both accused in a Rs 954-crore Ponzi scheme, from being investigated by the Enforcement Directorate (ED) for alleged money laundering in violation of the Foreign Exchange Management Act (FEMA).

“The accused duo have revealed during their interrogation that Reddy had allegedly bribed an ED official Rs 1 crore for withholding the probe into the Ponzi scam,” said Kumar.

Reddy’s arrest comes a day after he drove to the CCB office on Saturday evening in response to its summons in the Ponzi case.

“Reddy has been lodged in the city central jail. We will apply for bail in the same court on Monday for his release,” his lawyer Chandrashekar told reporters here.

Reddy was quizzed on Saturday by CCB officials led by Kumar, Deputy Commissioner of Police S. Girish and Assistant Commissioner of Police Venkatesh Prasanna.

Reddy, 51, a former BJP Minister in the state (2008-11), however, denied his involvement in the case.

“I have no role in the Ponzi scheme. The police have no evidence to prove my involvement in it. They (police) are misleading the media and the public,” said Reddy in a video clip released to local news channels before his interrogation on Saturday.

The ED on Thursday charged the duo — Syed Ahmed Fareed and his son Syed Afaq Ahmed with Ambidant Marketing Ltd with running a potential Ponzi scheme offering huge interest to investors in the name of ‘Islamic banking’.

“Investigation revealed that Ambidant has been operating a potential Ponzi scheme and duping thousands of investors in the name of Islamic banking and ‘Halal’ investment,” said ED in a statement here.

Since inception on December 20, 2016, the company received a whopping Rs 954 crore as investments under Haj/Umrah and Ultimate plans.

In a Ponzi scheme, an investment firm fraudulently collects huge money from depositors promising high interest rate but uses it to pay heavy interest on deposits raised earlier from another set of investors.

“In a Ponzi scheme, investors are made to believe that they earn high interest on their deposits from profits the company makes through lucrative business than from their own deposits, which are recycled,” said an ED official.

Reacting to Reddy’s arrest and imprisonment, former Karnataka Chief Minister Siddaramaiah said that nobody was above the law.

“Legal action has to be taken against anyone who commits a crime. Reddy is no exception,” Siddaramaiah told reporters at Chikkamagalur in the state’s southwest region and quoted a local proverb that translates into “he who eats salt has to drink water to refresh”.

–IANS
bha-fb/shs/sed

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending