Hyderabad: The MD of Musaddilal Jewellers, Nitin Gupta, and others involved in the demonetised currency notes conversion case, have taken a U-turn after paying Rs 5 crore as tax on the Rs 109 crore sales by submitting retraction affidavits to the IT department. CCS sleuths, who want the stay on Mr Gupta’s arrest lifted, said in their counter filed in the Hyderabad High Court on Wednesday, that Mr Gupta has changed his version thrice.
CCS in its affidavit filed in High Court said the accused persons had initially claimed that the entire Rs 100 crore (that they had deposited in old notes immediately after demonetisation) was accumulated through advance cash receipts from 5,200 customers who had purchased gold from them.
After the case was registered and after the arrest of three persons, Kailash Chand Gupta, Neel Sundar and Narender ji, the accused claimed that they owned the entire amount, that it was black money, and that they paid Rs 5 crore towards the Pradhan Manthri Garib Kalyan Yojna as part of the payment of Income Tax penalty.
The CCS said that on the contrary, the accused Neel Sundar of Ashtalakshmi Gold Bullion, had confessed that he had accumulated an amount of Rs 28 crore from persons known to him, including his own money, and colluded with 12 other accused to exchange the amounts in the wake of demonetisation.
Again, on January 16, the accused on behalf of three firms, Musaddilal Gems and Jewellers, Musaddilal Jewellers and Vaishanvi Bullion Private Limited, submitted retraction affidavits.
In his retraction affidavit to the I-T department, Nitin Gupta had said, “We have informed you in the previous affidavit (December 30, 2016) that we are going to get covered under the Prime Minister Garib Kalyan Yojana since we were given strong assurance that such a course of action will protect us from criminal prosecution and Prevention of Money Laundering Act investigation...In that context we have stated that the money belongs to us...Even after nearly one month we are subjected to enquiry and interrogation by the Police and Enforcement Directorate...It is only under pressure and misrepresentation by the police/ED/IT we have submitted to get covered under the scheme...We have given affidavit without understanding the consequence flowing therefrom and also in haste...In a confused state of mind we have deposited a sum of Rs 1.00 crore towards the part payment under the scheme which we requested to refund or adjust in future.”
CCS alleged that it is suspected that the CCTV footage was erased by the management in an effort to detroy evidence.
In the counter affidavit CCS said that “Nitin and Nikhil Gupta are blackmailing the investigation agency by saying that they will commit suicide and leave behind a suicide note mentioning the names of officers if investigation is carried out. General diary entries have been made at CCS to this effect.”
The IT department in a affidavit said that this is a unique case in India where advances were taken without stocks of bullion. The ED has begun identification of properties of the accused.
Meanwhile, CCS has served notices to several jewellers like Tribhuvandas and P. Satyanarayana and Sons for info following the confession of the Mussadilal accused.
