Top directors of Musaddilal Jewellers held

Hyderabad: Central Crime Station police arrested two sons of Musaddilal's owner Kailash Chand Guptha following alleged fraudland transactions following the demonetisation of high-value notes. Nithin Guptha and Nikhil Guptha, directors of Musaddilal Jewellers and other firms, have been accused of conspiracy, cheating, falsification of accounts, forgery and concealing evidence. Police said they had seized more false documents and securd evidence against the duo. CCS DCP Avinash Mohanty said the duo along with others had conspired to convert Rs 110 crore black money by depositing them in the banks with fake and fabricated receipts. The duo is alleged to have been involved converting the money into gold using fictitious names and accounts.