Hyd businessman held over Rs 98 cr 'black money' deposits in banks

By : 29-Dec-2016
Businessman, Arrested, Deposit Rs. 98 Crore

A businessman, Kailash Chand Gupta, based out of Hyderabad has been arrested on Wednesday by the police for allegedly cheating and using fake and fictitious advance payment receipts to deposit black money worth Rs. 98 crore in banks after the demonetisation move taken by the government last month.

Along with him, his relatives and other associates in the crime have also been taken into custody by the police under various sections of IPC.

One of the wings of Hyderabad Police, Central Crime Station has arrested Gupta for allegedly conspiring to cheat and manipulate records of his illegal gains post demonetisation.

Naredi Narender Kumar, another businessman, MD of a private firm and brother in law to Gupta, was also taken into custody by the police for his involvement in the crime of Gupta and also for hiding Gupta from Police.

According to Hyderabad police, Gupta conspired with his sons Nitin and Nikhil, daughter-in-law Neha and others, and created a plan to deposit their black money into banks using fake and fabricated receipts for illegal gains. This act has caused loss to the government, reported the police.

The police statement read, “All the said receipts were shown to have received between 9 PM and 12 midnight on November 8, and they subsequently got the amounts deposited at SBI, Panjagutta branch and Axis Bank, Banjara Hills branch respectively.”

The police statement also said that, the fake receipts have been created in the names of fictitious customers as belonging to other states, and hence are found by police as fabricated receipts created for the sole purpose of cheating the banks.

After the raids of Income Tax department and the filing of criminal case against Gupta, Kumar his associate has come forward to hide Gupta from police.

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