Demonetisation - Hyderabad Businessman Arrested For 98 Crores 'Black Money' Deposits In Banks

Hyderabad Businessman Arrested For 98 Crores 'Black Money' Deposits In Banks

Hyderabad | Press Trust of India | Updated: December 29, 2016 00:16 IST

• Hyderabad businessman was arrested for his alleged involvement in cheating.
• The businessman generated 'fake and fictitious' advance payment receipts
• He runs three jewellery and bullion firms
• He produced advance payment receipts for Rs. 40 crore in name of another

A city-based businessman was arrested on Wednesday 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 the ban of 500 and 1000-rupee notes last month.

Besides Kailash Chand Gupta (65), his kin and others have also been booked by the police under various sections of Indian Penal Code for their alleged role in the "conspiracy".

Source: NDTV

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