A city-based businessman was arrested on Wednesday for allegedly cheating and generating ‘fake and fictitious’ advance payment receipts to deposit “black money” to the tune of Rs98 crore in banks following demonetisation of Rs500 and Rs1000 tenders last month.
Besides Kailash Chand Gupta (65), his kin and others have also been booked by the police under various sections of IPC for their alleged role in the “conspiracy”.
Central Crime Station, a wing of Hyderabad Police, arrested Gupta for his alleged involvement in cheating and manipulation of records for illegal gain post demonetisation.
Another businessman Naredi Narender Kumar (59), MD of a private firm and brother-in-law of Gupta, was also arrested for abetment and hiding Gupta from police.
Gupta runs three jewellery and bullion firms with his two sons, a daughter-in-law and another woman as directors.
After demonetisation, Gupta, along with his sons Nitin and Nikhil, daughter-in-law Neha and others, conspired and hatched a plan to convert their black money by depositing it with banks by generating fake and fabricated receipts for wrongful gains which caused loss to Government of India, stated a release from Hyderabad Police.