HYDERABAD: Catching up another big fish, Hyderabad police on Wednesday arrested one city-based businessman for allegedly cheating and generating “fake and fictitious” advance payment receipts to deposit "black money" to the tune of Rs 98 crore in banks following demonetisation of Rs 500 and Rs 1000 tenders last month.

Central Crime Station, a wing of Hyderabad Police, arrested Kailash Chand Gupta (65) and booked his kin and others under various sections of IPC for their involvement in cheating and manipulation of records for illegal gain post demonetisation.

Gupta runs three jewellery and bullion firms with his two sons, a daughter-in-law and another woman as directors. 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.

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.

Accordingly, the accused people generated fake and fictitious advance payment receipts, purported to be acquired from about 3100 customers, for an amount of Rs 57.85 crore in name of their firm Musaddilal Gems and Jewelers Private Ltd.

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