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City Police Arrests Several For Having Black Money

A WCO team division on Tuesday apprehended the owners of Musaddilal Jewellers for their involvement in a bid to convert huge amounts of black money.
Hyderabad | 28th December 2016
A WCO team division on Tuesday apprehended accused Kailash Chand Gupta, 65, owner of Musaddilal Jewellers, Naredi Narender Kumar, 59, MD of Sagar Petroleum Pvt. Ltd., and Rajendra Nagar Mandal, a resident of Manikonda, for their involvement in a bid to convert huge amounts of black money.

According to the police, Kailash Chand Gupta was running three firms in Banjara Hills - Musaddilal Jewelers - in his and his younger son Nikhil Gupta's names; and Vaishnavi Bullion - in his younger daughter-in-law Neha Gupta and another relative Vinutha Bholla's names.

Immediately after announcement of the demonetization of Rs. 500 and Rs. 1,000 currency notes, Kailash Gupta along with his sons and daughter-in-law hatched a plan to convert his unaccountable wealth hidden in the shop, by depositing them in banks using fake receipts.

They also generated fictitious advance payment receipts for an amount of Rs. 57.85 crores, in the name of Musaddilal Gems and Jewelers which was to be acquired from about 3,100 customers and Rs. 40 crores in the name of Vaishnavi Bullion to be acquired from about 2,100 customers, and issued computer generated acknowledged receipts for the same.

They also concocted customer names.

All the receipts were supposedly received between 9 pm and 12 am on November 8, i.e., on the date of the note ban, and got the amounts deposited at SBI's Punjagutta branch and Axis Bank's Banjara Hills branch.

The investigation is being carried out by ACP K Ram Kumar under the supervision of incharge Additional DCP-G Jogaiah.
filed in:  Hyderabad, Corruption, Hyderabad Police, Police, Banjara Hills, Arrests, Money, Scams, Police, Crime, Hyderabad Crime
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