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