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Bhatkal: People duped of crores of rupees by firm running potential Ponzi scheme


Yahya Hallare

Daijiworld Media Network – Bhatkal (EP)

Bhatkal, Nov 8: Ambidant Marketing Private Limited, has been charged by Enforcement Directorate (ED) with running a potential ponzi scheme offering huge interest to investors in the name of 'Islamic banking'.

It is being alleged that former minister and mining baron G Janardhana Reddy is in trouble over allegations of him receiving 57 kg of gold worth around Rs 20 crore as a part of deal to help a fraudulent company that is being probed by ED.

The information that people have been duped of nearly hundred crores of rupees by showing four months investments and profit is being heard in public circles. It is said that a rich man from Bhatkal had held a meeting in a private hotel on behalf of the company about 12 months ago and attracted investors. Several people fell for his talk and invested in the company.

According to sources, nearly 1,000 people around Bhatkal have invested in the company. It is said that the company had repaid investments up to Rs three lac with profit in the initial stages. Investors who were tempted, reinvested the amount received and got cheated.

People who believed that business of interest is sinful in Islam, had invested in the fraudulent company without investigating the origin and history of the organisation and got duped. It is said that some of the investors are regretting from within without being able to explain their plight in the open.

Locals say that some high profile people in Ambidant are able to tackle senior police officials with ease. Therefore, those who lost money can only cry and be quiet.


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Comment on this article

  • Rajesh, dubai

    Fri, Nov 9 2018

    I heard in Karnataka Bhatkal is called mini Dubai..... Most of the people are working in Dubai or middle east and built luxurious houses...... They know how to earn but they are not export of investing money.
    some intelligent people took advantage of this?????.

    DisAgree [1] Agree [5] Reply Report Abuse

  • El En Tea, Mumbai

    Fri, Nov 9 2018

    Fakes Fraudsters are active after 2014

    DisAgree [5] Agree [9] Reply Report Abuse

  • Mangalurian, Mangaluru

    Fri, Nov 9 2018

    I agree with the points made by Rampanna, Udupi.

    Even when not a Ponzi sceheme, the process of 'Islamic Banking' can be quite misleading, especially in a non-Islamic country like India.

    The banks (or companies) that collect money would be investing in turn to receive greater interest. So although the end-investors might be told that it is profit (and not Interest), what the company has earned could be entirely from Interest.

    It is sad to note that people keep investing in Ponzi schemes and lose all their investments.

    DisAgree [1] Agree [8] Reply Report Abuse

  • Monty Dotor, Mangalore

    Fri, Nov 9 2018

    The investment turned out to be Haraam instead of Halaal!

    DisAgree Agree [13] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 9 2018

    After 2014 only FAKE ...

    DisAgree [10] Agree [10] Reply Report Abuse

  • Rampanna, Udupi

    Fri, Nov 9 2018

    One more rubbish called “Islamic banking”. If it looks like interest, feels like interest and smells like interest, then in all likelihood it is interest. Just because a written document calls it something else does not make it so.

    It is really interesting and funny that many of the investors wanted to invest in an Islamic banking product because the return on it is not ‘haram’ (by whatever twisted logic the word haram is defined); but at the same time, they had no qualms about seeking high returns on their investments!

    All these ponzi schemes works on promise of 50% to 400% return per annum. How many legitimate businesses could their funds be invested that could honestly give them such high return as a passive income.

    Where can I find such idiots who have some much of spare cash to invest?

    DisAgree Agree [15] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Fri, Nov 9 2018

    Directors of Ambidant Marketing Private Limited are Irfan Mirza, Syed Ahmed Fareed and Syed Ahmed Afaq.
    It was registered in the year 2016
    Congress was ruling Karnataka that time
    G Janardhan Reddy was not minister that time how he could influence?
    Accused Fareeds statement is given importance.Police didn't catch these thieves before why ?

    DisAgree [8] Agree [12] Reply Report Abuse

  • shan, dubai

    Fri, Nov 9 2018

    I don't agree with your comment..... i.e. If there is big rail accident in India...... You will tell railway is started by British and BJP is not responsible for this accident even though during this accident BJP is ruling????

    DisAgree [4] Agree [3] Reply Report Abuse

  • Rajesh, dubai

    Fri, Nov 9 2018

    Janardhana Reddy is a son of ordinary Police constable..... Now he is grown up that he spent 500 crores for his daughters marriage. Do you think a ordinary person can earn this much money in legal way???
    Even Though he was not in BJP that time but our political parties will take them inside only if he is criminal.

    DisAgree [1] Agree [2] Reply Report Abuse

  • RkR, Mangalore/ Dubai

    Thu, Nov 8 2018

    Rich lost their money.
    Punished for their deeds

    DisAgree [7] Agree [9] Reply Report Abuse

  • Rampanna, Udupi

    Fri, Nov 9 2018

    @RkR, Mangalore/ Dubai,

    My friend, being rich is not a crime per se.

    With reference to Bhatkal region, if someone has worked hard for three decades in the Gulf to earn a tax-free income and invested wisely in few properties / businesses / investment portfolios in India over this period whose value has now soared several times above cost, that person is certainly very rich.

    What is the 'deed' that they are being punished?

    DisAgree Agree [14] Reply Report Abuse

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