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Jewellers, kin held in 100-cr fraud
Sleuths of the Central Crime Station (CCS) on Tuesday arrested Kailash Chand Gupta, managing director of Musaddilal Jewelers and his brother-in-law Naredi Narendra Kumar.
​Hyderabad: Sleuths of the Central Crime Station (CCS) on Tuesday arrested Kailash Chand Gupta, managing director of Musaddilal Jewelers and his brother-in-law Naredi Narendra Kumar.
This follows investigations into the case filed by Income Tax officials with the CCS, after it was found that the management of Musaddilal Jewelers had created 5,200 advance receipts in the names of fictitious customers and deposited in banks demonetized currency notes totaling about Rs 100 crore as proceeds of non-existent sales.
Challenging the case, Kailash Chand Gupta, his sons and directors Nikhil Gupta and Nitin Gupta had approached the High Court seeking a stay on arrest and also orders to quash the FIR registered against them.
However, the High Court on December 15 directed them to appear before the CCS sleuths for the next one week and answer all questions. The court also directed the police not to arrest the accused during investigation.
But the Guptas did not honour the High Court order. Instead, they played a hide and seek with the police and approached the lower court seeking anticipatory bail, the police said. However, the CCS tracked down Kailash Gupta and took him into custody on Tuesday evening.
The CCS sleuths later arrested his brother-in-law, Narendra Kumar, for harbouring and providing shelter to Kailash Gupta in his house in Manikonda and also in his factory at Auto Nagar and for concealing the whereabouts of the accused in order to help him evade police arrest.
Kailash, along with his sons - Nitin Gupta and Nikhil Gupta, daughter-in-law Neha Gupta -- all the three directors in the three firms run by him and also some others conspired and hatched a plan to convert the black money in store with them in the wake of demonetisation of Rs 500 and Rs 1,000 notes, the police said.
Acting on the plan, they deposited the black money in banks on the strength of fake and fabricated advance receipts generated by them through illegal means for wrongful gain and to cause wrongful loss to the exchequer, the police said.
Investigations revealed that fictitious advance payment receipts for an amount of Rs 57.85 crore were generated in the name of Musaddilal Gems and Jewelers Private Limited towards sale of gold ornaments to as many as 3,100 customers, while fake receipts for an amount of Rs 40 crore were generated in the name of Vaishnavi Bullion Private Limited, towards sale of gold to 2,100 customers.
Records were fudged to show that sale of about Rs 100 crore worth gold was made between 9 pm and 12 mid night on November 8 -- the date of declaration of demonetisation by the Union government and got the amounts deposited at SBI, Panjagutta Branch and Axis Bank, Banjara Hills Brach respectively, the police said.
Some of the fake receipts were in the name of fictitious customers belonging to other states. Further investigations were underway to nab the other accused in the case, the police said.
