Hyderabad: Jeweller sells Rs 100 crore gold to fictitious buyers within 3 hrs
Hyderabad: Central Crime Station sleuths arrested Musaddial Jewellers Private Limited Managing Director Mr Kailash Chand Gupta for converting black money into gold with fake documents and another businessman Naredi Narender Kumar, MD of Sagar Petroleum Limited, for harbouring the accused. The case is pertaining to Rs 100 crore gold sold to fictitious buyers within three hours on November 8 after demonetisation announcement by the Prime Minister Mr Narendra Modi.
Two other directors Musaddilal Nitin Gupta and Nikhil Gupta filed a petition in Nampally Sessions Court seeking anticipatory bail on Wednesday and the court has given oral order not to arrest them.
CCS police traced the ‘fictitious’ buyers based on Aadhar documents attached in some cases of buyers and recorded their statements. The ‘fictitious’ buyers told police that they didn’t buy the gold and their signatures and hand writing on receipts are forged. Most of them are found to be poor and can’t afford to buy Rs 1.89 lakh worth gold. One of the woman ‘customer’ told police that she had only two notes of Rs 500 post demonetisation.
The accused made fake receipts of 5,200 ‘customers’ stating each bought Rs 1.89 lakh by paying old currency. Some of the fake names are from other states.
According to CCS Deputy Commissioner of Police Mr Avinash Mohanty the accused resorted to cheating and manipulation of records in the wake of demonetisation.
Kailash Gupta, a resident of Banjara Hills is running two other firms Musaddilal Gems and Jewellers Private Limited with Nitin Gupta as director which deposited Rs 57.85 crore and Vaishnavi Bullion Private Limited with kin Neha Gupta and another woman Vinutha Bholla as directors which deposited Rs 40 crore in banks.
“Narendra Kumar, brother in law of Kailash, harboured Kailash at his residence in Manikonda and his factory at Autonagar and concealed the whereabouts and also misguided police,” said ACP Mr K ram Kumar.
Meanwhile investigating officials said they haven’t received any written orders from the court on either bail or stay of arrest to two other accused.
