Bengaluru, Nov 8: Central Crime Branch (CCB) Police in the city are in search of former Karnataka Minister and Iron Ore Baron Gali Janardhana Reddy in connection with a cheating case in a ponzi scheme operative.
Police in a statement here on Wednesday said that Ambident Marketing Private Ltd run by Syed Ahmed Farid had collected more than Rs 600 crore from more than 15,000 people by promising 40 per cent to 50 per cent interest for four month duration.
But cheated the depositors by not returning their deposit amount nor the interest as promised.
Considering the seriousness of a complaint filed by one of the loser Sarfraj Alam, City Police Commissioner Suneel Kumar transferred the case to CCB for further investigation.
Farid who was immediately arrested during questioning revealed that he had indulged in money laundering.
Police on lookout for mining baron Janardhana Reddy