On Wednesday, Hyderabad police arrested a businessman Kailash Chand Gupta (65) on the charges of attempting to convert his black money worth Rs. 98 crore into white by using forged advance payment receipts for depositing the money in banks.
Besides Kailash, the police has filed the names of his kins and others under various IPC sections for allegedly getting involved in the plan.
Kailash, who owns three jewellery and bullion companies, was arrested by the Central Crime Station which is Hyderabad Police’s wing. He runs these companies with his two sons; moreover, a daughter-in-law and some other women are also directors in his companies. Hyderabad police also arrested Naredi Narender Kumar (59) who is the MD of a private firm and brother-in-law of Kailash under the charges of helping him in hiding from police.
As per a release issued by Hyderabad police, due to demonetization, Kailash, his sons Nitin and Nikhil and Neha, his daughter-in-law were devising a plan along with others to convert their black money into white and that’s why, they decided to make forged and fake receipts for unlawful gains, resulting in loss to the Indian government.
As per the plan, they allegedly made forged advance payment receipts worth Rs. 57.85 crore under the name of their companies, Musaddilal Gems and Jewelers Private Ltd and they showed that these receipts had been received by nearly 3100 customers.
Besides this, they also made fake advance payment receipts worth Rs. 40 crore under the name of another company that they own, i.e., Vaishnavi Bullion Private Ltd and showed as if they had been obtained by nearly 2100 customers; computerized receipts were also issued for this purpose.
This is what Hyderabad police said,
“All the said receipts were shown to have received between 9pm and 12 midnight on November 8, and they subsequently got the amounts deposited at SBI, Panjagutta branch and Axis Bank, Banjara Hills branch respectively.”
More such cases might come into light in the coming days! What is your opinion regarding the matter? Do let us know in the comments section below.
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