HYDERABAD: The central crime station police, who are probing the accounting fraud by Musaddilal Jewellers in the wake of currency demonetisation, have stumbled upon another link to the case and arrested the owner of Ashta Lakshmi Gold Bullion at Begumpet on Thursday on charges of ‘cheating’ and ‘manipulation for wrongful gain’.
It is alleged that Neel Sunder Tharad, the proprietor of Ashta Lakshmi Gold Bullion, had conspired with Kailash Chand Gupta, owner of Musaddilal Jewellers, to convert huge amounts of unaccounted money to accounted money by creating fake bills of gold purchase.
According to the police, on November 8 when Prime Minister Modi announced the ban on Rs 500 and Rs 1,000 notes, Neel Sunder had prepared fake bills worth Rs 28 crore which was accumulated from his other associates in the guise of converting black money for 30 percent commission. He negotiated for same with Nitin Gupta and other directors of Musaddilal Jewellers, and offered them 10 per cent commission.
“The accused persons generated fake advance payment receipts for Rs 57.85 crore in the name of Musaddilal Gems & Jewellers Pvt Ltd, and Rs 40 crore in the name of Vaishnavi Bullion Private Limited. The accused generated payment receipts in the fictitious names of 5,200 customers in a span of just three hours after demonetisation was declared,” said DCP (detective) Avinash Mohanty.
Neel Sunder and others deposited Rs 40 crore in the bank accounts of Vaishnavi Bullion Private Limited, which is a sister concern of Musaddilal Jewellers and, from there, into the two accounts of Ashta Lakshmi Gold Bullion. Later, the money was diverted to other accounts for purchase of gold, the DCP said, adding that the accused was arrested and remanded.