• search
For Hyderabad Updates
Allow Notification  

    Hyderabad jeweller, who deposited Rs 98 crore with fake receipts, arrested

    |

    Hyderabad, Dec 29: A Hyderabad-based businessman was arrested on Wednesday on charges of generating fake advance payment receipts to deposit black money to the tune of Rs 98 crore in banks.

    [Also Read: Rs 3,300 crore black income detected since November 9]

    The Central Crime Station, which is a wing of the Hyderabad police, arrested the 65-year-old jeweller, Kailash Chand Gupta, and his family members.

    IT Raid

    "After demonetisation, Gupta, along with his sons Nitin and Nikhil, daughter-in-law Neha and others, conspired and hatched a plan to convert their black money by depositing it with banks by generating fake and fabricated receipts for wrongful gains which caused loss to the Government of India," stated a release from Hyderabad Police.

    The accused persons generated fake and fictitious advance payment receipts, purported to be acquired from about 3,100 customers, for an amount of Rs 57.85 crore in name of their firm Musaddilal Gems and Jewellers Private Ltd.

    They also allegedly produced fictitious advance payment receipts for Rs 40 crore in name of another firm, Vaishnavi Bullion Private Ltd, claimed to be acquired from about 2100 customers, and issued computerised receipts for the same, police said.

    All the said receipts were shown to have received between 9am and 12am on November 8, and they subsequently got the amounts deposited at SBI, Panjagutta branch and Axis Bank, Banjara Hills branch respectively, the police press release added.

    OneIndia News

    More hyderabad NewsView All

    For Daily Alerts

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    Notification Settings X
    Time Settings
    Done
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more