The Central Crime Branch (CCB) police in Karnataka have filed a charge sheet against 9 persons including former BJP minister and mining baron G Janardhan Reddy in the Ambidant Marketing Pvt Ltd Ponzi scheme case. The 4,800-page sheet mentions that investigations have revealed that the firm had cheated 10,564 people who made investments of around ₹120 crore. The charge sheet has been submitted to the city civil court.
Amongst others who have been named in the charge sheet are Ambidant directors Syed Farid Ahmed and his son Syed Afaq Ahmed, Irfan Mirza, Vijay Tata, Mehfuz Ali Khan, Ballari Ramesh, Inayat Ullah Wahab and Ashraf Ali. The case has been registered under the Karnataka Protection of Interest of Depositors in Financial Establishments Act (KPID).
Several properties worth over crores have been attached by the CCB belonging to the accused. The properties which have been attached include three layouts at Saraipalya, a flat at Ambedkar College layout, six flats at an apartment in Kalasipalya, 17 flats at Jigani and 17 guntas of land and 11 flats at Anekal. All these are owned by the Ahmeds. 17 flats worth Rs 57 crore belonging to Vijay Tata have also been attached. Two acres land in Bengaluru owned by Reddy and a site at Chikkanagamagala belonging to Ashraf Ali also have been attached.
Ambidant Marketing had started a Ponzi scheme promising high returns of up to 12% per month. Six cases have been registered against the firm.