The Central Crime Branch (CCB) has named mining baron and former minister G. Janardhana Reddy in the charge sheet against Ambidant Marketing Private Ltd., whose directors have been accused of defrauding investors to the tune of over ₹500 crore. Nine others, including three directors of the company, have been named in the 4,800-page charge sheet.
Officials confiscated properties of the accused based on court directions, including a ₹5 crore apartment on Race Course Road owned by Reddy. “The total worth of the seized properties is estimated to be around ₹60 crore. Efforts are on to track down benami properties purchased by the accused in the names of their relatives and acquaintances,” a senior official said.
The charges were recently submitted to the special court.
Ambidant started operations in December 2016 with Syed Fareed Ahmed, Syed Afaq Ahmed and Irfan Mirza as directors. The company has been accused of cheating thousands of investors after collecting crores of rupees by promising huge returns.
The CCB took over the case in October 2018 and arrested six people, including Reddy, who are out on bail. The probe revealed that 10,564 people invested around ₹120 crore in the company.