Musaddilal Jewelers MD Kailash Gupta Arrested For Selling Rs100 Crore Gold In 3 Hrs 

Hyderabad: Central Crime Station sleuths on Wednesday arrested Musaddial Jewellers Private Limited Managing Director Kailash Chand Gupta for converting black money into gold with fake documents and another businessman Naredi Narender Kumar, MD of Sagar Petroleum Limited, for giving shelter to the accused.

The jewellary merchant is facing charges of selling Rs100 crore worth gold to fictitious buyers within three hours on November 8 after demonetisation announcement by the Prime Minister Narendra Modi.

Two other directors Musaddilal Nitin Gupta and Nikhil Gupta granted anticipatory bail and Nampally Sessions Court has given oral order not to arrest them.

CCS police traced the ‘fictitious’ buyers based on Aadhar documents attached in some cases of buyers and recorded their statements. The ‘fictitious’ buyers told police that they didn’t buy the gold and their signatures and hand writing on receipts are forged. Most of them are found to be poor and can’t afford to buy Rs 1.89 lakh worth gold. One of the woman ‘customer’ told police that she had only two notes of Rs500 post demonetization.

The accused made fake receipts of 5,200 ‘customers’ stating each bought Rs 1.89 lakh by paying old currency. Some of the fake names are from other states.

According to CCS Deputy Commissioner of Police Avinash Mohanty the accused resorted to cheating and manipulation of records following the demonetization.

Kailash Gupta, a resident of Banjara Hills is running two other firms Musaddilal Gems and Jewellers Private Limited with Nitin Gupta as director which deposited Rs 57.85 crore and Vaishnavi Bullion Private Limited with kin Neha Gupta and another woman Vinutha Bholla as directors which deposited Rs 40 crore in banks.

“Narendra Kumar, brother in law of Kailash, harboured Kailash at his residence in Manikonda and his factory at Autonagar and concealed the whereabouts and also misguided police,” said ACP K. Ram Kumar.

However, police said they haven’t received any written orders from the court on either bail or stay of arrest to two other accused.