Hyderabad bizman uses fake receipts to deposit Rs 98 cr in banks, arrested

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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 demonetisation of Rs 500 and Rs 1,000 tenders last month.

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

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Central Crime Station, a wing of Hyderabad Police, arrested Gupta for his alleged involvement in cheating and manipulation of records for illegal gain post demonetisation.

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 the police.

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