Bengaluru: Ambidant owner was raided in January

Bengaluru: Syed Ahmed Fareed, the owner of the under-the-scanner blade company in the City - Ambidant Marketing Pvt Ltd, who has reportedly told the Central Crime Branch of City police that the Ballari mining baron Gali Janardhan Reddy had allegedly demanded a bribe of Rs 18 crore to bail him out of a Foreign Exchange Management Act (FEMA) case by the Enforcement Directorate, was raided by the ED, Bengaluru zonal unit in January this year under FEMA. The blade company has reportedly cheated more than 15,000 people of over Rs 600 crore.

The ED investigation had revealed many alleged financial irregularities committed by Fareed and his son Syed Afaq Ahmed; from running a potential Ponzi scheme under the pretext of Halal investments and fleecing innocent customers by promising dubious returns to the extent of 12 per cent interest per month to fraudulently indulging in foreign exchange, opening overseas bank accounts and incorporating a firm in Dubai without the permission of the Reserve Bank of India.