The Hyderabad Police arrested two businessmen associated with Musaddilal jewellery for allegedly generating 'fake and fictitious' advance payment receipts to deposit Rs. 98 crore in banks post the demonetisation drive on November8.
The Central Crime Station (CCS) team on Tuesday apprehended Kailash Chand Gupta and Naredi Narender Kumar, who were running Musaddilal Jewellers Private Limited, for involvement in cheating and manipulation.
Immediately after the announcement of demonetisation by Prime Minister Narendra Modi, Gupta along with his sons Nikil and Nithin, daughter-in law Neha 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 the 'fake and fabricated' receipts generated through illegal means.
Accordingly, the accused generated fake and fictitious advance payments receipts for an amount of Rs. 57.85 crore in the name of Musaddilal Gems and Jewellers Pvt Ltd. purported to be acquired from about 3100 customers and generated fake advanced payment receipts for an amount of Rs. 40 crore in the name of Vaishnavi Bullion Pvt Ltd.
When inquired, one such 'fake' customer disclosed that she had never purchased any item or visited the shop/office of the accused either on December 8 or earlier or thereafter and her signature/handwriting on the receipts are fake.