Thursday , August 24 2017
Hyderabad Top Stories

Musaddilal Jewellers Directors arrested, Conversion of Black Money

Musaddilal Jewellers Directors arrested, Conversion of Black Money

The WCO Team Division -A, CCS, DD, on Tuesday apprehended the accused Kailash Chand Gupta,  aged 65 years, Occ: Business, Resident of Banjara Hills, Hyderabad and Naredi Narender Kumar,  aged 59 years,  MD of Sagar Petroleum Pvt. Ltd., and resident of  Manikonda,  Rajendra Nagar Mandal, RR Dist for involvement ina plan to convert black money they were having  by depositing them in banks on the strength of fake and fabricated receipts generated by them through illegal means for wrongful gain.

According to police,  Kailash Chand Gupta is running three firms at  Banjara Hills, in the name and style as M/s. Musaddilal Jewelers Pvt. Ltd., with himself and his younger son Nikhil Gupta as Directors;  M/s. Musaddilal Gems and Jewelers Pvt. Ltd., with himself and his elder son Nithin Gupta as Directors; and M/s. Vaishnavi Bullion Private Limited,  with his younger daughter-in- law  Neha Gupta and another woman by name Vinutha Bholla as Directors.

 

Immediately after announcement of demonetization of Rs. 500/- and Rs. 1000/- currency notes,  Kailash Chand Gupta along with his sons and  daughter-in- law  and others conspired and hatched a plan to convert the black money in store with them by depositing them in the banks on the strength of fake and fabricated receipts generated by them through illegal means for wrongful gain to cause wrongful loss to the Government of India. They generated fake and fictitious Advance payment receipts for an amount of Rs. 57.85 crores on the name of Musaddilal Gems and Jewelers Pvt. Ltd., purported to be acquired from about 3100 customers and generated fake Advance payment receipts for an amount of Rs. 40 crores on the name of M/s. Vaishnavi Bullion Private Limited purported to be acquired from about 2100 customers and issued computer generated acknowledged receipts for the same. All the said receipts were shown to have received between 9 pm and 12 mid night on November 8 i.e. on the date of declaration of demonetization and got the amounts deposited at SBI, Panjagutta Branch and Axis Bank, Banjara Hills Brach respectively.

 

Some of the fake receipts are on the names of the fictitious customers belonging to other states which clearly reveals that the receipts are fake and fabricated, generated by the accused persons. When enquired one such customer, disclosed that she had never purchased any item or visited the shop /

office of the accused persons either on November 8 or earlier or thereafter and her signature / handwriting on the receipts are fake.

 

The investigation is being done by  K. Ram Kumar, Asst. Commissioner of Police, WCO Division-A, CCS, under the close supervision of  G. Jogaiah, incharge Addl. DCP, EOW. Further investigation is continuing in the case.(NSS)