2 absconding Musaddilal directors arrested

​Hyderabad: City Police on Tuesday arrested the two more directors of Musaddilal Jewellers Private Limited. The police said the directors were absconding for long. The arrested include Nitin Gupta and Nikhil Gupta, both sons of Musaddilal Jewellers managing director Kailash Chand Gupta.

It may be recalled that the Income Tax officials had lodged a case with the CCS after they found that the management of Musaddilal Jewelers had allegedly created 5,200 advance receipts in the name of fictitious customers and deposited about Rs 100 crore of demonetised currency in the bank.

The accused tried to show that all the transactions took place between 9 pm and 11 pm on November 8, the day when Centre announced demonetisation of Rs 500 and Rs 1000 currency notes, Deputy Commissioner of Police Avinash Mohanty said.

The accused generated fake and fictitious advance payment receipts issued in the name of 3,100 customers for an amount of about Rs 59 crore in the name of Musaddilal Gems and Jewelers Private Limited, while 2,100 fake advance payment receipts for an amount of about Rs 40 crore were generated in the name of Vaishnavi Bullion Private Limited, the DCP said.

Further, Nikhil Gupta made an illegal transaction worth Rs 12 crore on behalf of Musaddilal Jewelers. “The details related to this transaction were yet to be elicited from the accused, so we were taking steps to take them into police custody for questioning,” Mohanty said, adding that the total amount involved in the fraudulent transactions amounted to Rs 110 crore, the police said.