Hyderabad: Following arrest of the owner of Musaddilal Jewellers, his two sons approached IT Department to avail PM’s Gareeb Kalyan Yojana (PMGKY) Scheme and pay 50% of the amount as tax plus penalty. It must be recalled the Central Crime Station (CGS) police had arrested Musaddilal Jewellers’ managing director Kailash Chand Gupta and his brother-in-law, who were found embroiled in a massive fraud of turning black money into gold, hours before the demonetisation move came into effect and sent to Chanchalguda jail on judicial remand. They were accused of generating 5200 fictitious advance payment receipts of gold purchase to the tune of Rs. 97.85 Cr.
Nitin Gupta and Nikhil Gupta son of Kailash Chand have expressed willingness to pay 50% of the 97.85 Cr as tax plus penalty and deposit 25% of the amount under PMGKY scheme. However investigations into the fraud would continue even if the Guptas avail the PMGKY scheme and pay tax.
A probe is continued to see how Musaddilals managed to obtained 5200 address proof in the name of fictitious customers.