The city police today arrested two more persons in connection with a case where fake advance payment receipts were generated for converting black money of over Rs 110 crore into white, post-demonetisation.
Nitin Gupta and Nikhil Gupta were arrested today. Their father Kailash Chand Gupta was arrested in December.
The accused wanted to convert a huge amount of unaccounted for money into new currency by depositing the demonetised notes in the banks, or by purchasing gold etc, post November 8 last year, police said.
The family runs three firms: Musaddilal Jewellers with Kailash Chand Gupta and Nikhil Gupta as directors, Musaddilal Gems and Jewellers with Kailash Chand Gupta and Nitin Gupta as directors and Vaishnavi Bullion with Nikhil Gupta’s wife Neha and Vinutha Bholla as directors, police said.
For turn black money into white and deposit it in banks, they hatched a plan to fabricate receipts of advance payment of total of Rs 99 crore in the name of two of their firms, to show that the money had come from 5,200 (fictitious) customers, police said.
Nikhil Gupta on behalf of Musaddilal Jewellers carried out a similar illegal transaction for over Rs 12 crore, police said.
The accused also manipulated records of Registrar of Companies to change the names of the directors so as to escape the criminal liability, police said.
Police had arrested Neel Sunder Tharad, proprietor of Astha Lakshmi Gold Bullion, in the same case on January 11.
(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)