Hyderabad: Central Crime Station sleuths reregistered a case against three firms belonging to Nitin Gupta of Musaddilal Jewellers Pvt Ltd after the case was transferred from the Jubilee Hills police.
The case pertains to the allegations of the conversion of Rs 100 crore of alleged black money into gold with fictitious names. The police had earlier booked Musaddilal Gems and Jewellers, Vaishanabi Bullions and Musaddilal Jewellers, and their directors Nitin Gupta and S. Mallesh were charged with conspiracy, cheating and falsification of accounts following a complaint by the I-T department.
It was alleged that the companies had “raised cash advances” on November 8 (on the basis of demonetised notes) and subsequently sale invoices and deposited an amount of Rs 57 crore and Rs 40 crore of old notes in the SBI industrial finance bank at Panjagutta and Axis Bank at Jubilee Hills by claiming it to be genuine.
