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Hyderabad Businessman Held For Deposits of Over Rs 98 Cr in Banks

The accused generated fake advance payment receipts, purported to be acquired from about 3100 customers.

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A Hyderabad businessman, Kailash Chand Gupta, was arrested on Wednesday for allegedly generating 'fake and fictitious' advance payment receipts to deposit Rs 98 crore in banks since 8 November.

Gupta runs three jewellery and bullion firms with his two sons, a daughter-in-law and another woman as directors.

After demonetisation, Gupta, along with his family, conspired and hatched a plan to convert their black money by depositing it with banks. He did this by generating fake receipts for wrongful gains which caused loss to Government of India, stated a release from Hyderabad Police.

The accused, reportedly, generated fake and fictitious advance payment receipts, purported to be acquired from about 3100 customers, for an amount of Rs 57.85 crore in name of their firm Musaddilal Gems and Jewelers Private Limited.

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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 9 pm and 12 midnight on 8 November, and they subsequently got the amounts deposited at SBI, Panjagutta branch and Axis Bank, Banjara Hills branch respectively," it said.

In another case of cash seizure, the Mumbai customs department seized Rs 25 lakh in new Rs 2000 notes on Wednesday night from a passenger leaving for Dubai by a SpiceJet flight, NDTV reported.

A similar case was reported in Aizwal where new notes worth Rs 27 lakh were seized from the husband of a manager of the Mizoram Rural Bank.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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Topics:  Hyderabad   Black Money   Businessman 

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