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Police seek extension of custody of accused
Even as the five-day police custody of Musaddilal Jewellers managing director Kailash Chand Gupta and his relative N Narendra Kumar ended on Monday, the Central Crime Station (CCS) police filed a fresh application before the court seeking further extension in police custody of for 10 more days.
Hyderabad: Even as the five-day police custody of Musaddilal Jewellers managing director Kailash Chand Gupta and his relative N Narendra Kumar ended on Monday, the Central Crime Station (CCS) police filed a fresh application before the court seeking further extension in police custody of for 10 more days.
It may be recalled the Income Tax officials had filed a case with the CCS after they found that the management of Musaddilal Jewelers had fabricated 5,200 advance receipts in the name of fictitious customers and deposited about Rs 100 crore in demonetised currency notes in the bank.
As part of investigation, CCS sleuths arrested Kailash Chand Gupta and Narendra Kumar on December 27. They were produced before the court and later taken into a 5-day police custody for questioning. CCS police said the duo did not cooperate with the investigation, forcing them to seek extension of police custody of the accused.
Sources said Kailash Chand Gupta had told the interrogators that he was unaware of the fraud and that his sons – Nitin Gupta and Nikhil Gupta – knew everything about it. Sources said Kailash was the managing director of the three firms run by the family and he was well aware of the fraud, but only trying to throw blame on his sons.Meanwhile, Nitin and Nihil continue to dodge the police even as special teams have launched mahunt for them.
Instead of cooperating with the police, the duo had been trying to negotiate with the police, saying they were ready to pay full penalty of about Rs 80 crore on the Rs 97.85 crore unaccounted money deposited in the banks by fabricating fictitious sale receipts to convert their illegal money into legal currency, sources said.
However, the CCS sources said that they would continue investigation into the charges against the accused. “It is the job of the Income Tax and Enforcement Directorate authorities to decided about penalty. Let the accused negotiate with the officials concerned on their offer, but in the meantime we will definitely arrest all the accused and produce them before the court,” a CCS official said.
