Two sons of Musaddilal Jewellers MD arrested

HYDERABAD: Central Crime Station (CCS) detectives of Hyderabad arrested two directors of Musaddilal Jewellers in relation to a money laundering case on Tuesday. Police said that to escape liability the accused had manipulated the records of the Registrar of Companies.

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Nitin and Nikhil along with their father, Nikhil's wife Neha Gupta and another person, Vinutha Bolla, have been operating three jewellery stores, M/s Musaddilal Jewelers Pvt Ltd, M/s Musaddilal Gems and Jewelers Pvt Ltd and M/s Vaishnavi Bullion Private Limited at Road Number 2 in Banjara Hills.

After the announcement of demonetisation on November 8, 2016, the accused along with their associates hatched a plan to convert the black money into white by depositing it in the banks after creating fake receipts of gold purchase, CCS DCP Avinash Mohanty said. The accused generated fake advance payment receipts for 110 crore showing purchase of gold by 5,200 customers between 9 pm and mid night on November 8 and deposited the demonetised black money in the banks.