Criminal case booked against 3 companies owned by Hyderabad-based jeweller

Hyderabad: Jubilee Hills police has booked a criminal case against three companies owned by prominent city-based jeweller Nitin Gupta following a complaint lodged by income-tax department.

The three companies — Musaddilal Gems and Jewellers, Vaishanabi Bullions and Musaddilal Jewellers — and their directors Nitin Gupta and S. Mallesh have been charged with conspiracy, cheating and falsification of accounts. The case was booked on Wednesday night and transferred to the Central Crime Station on Thursday.

Musaddilal flouted cash rules
Three companies promoted by Mr Nitin Gupta have “raised cash advances on November 8 (on the basis of demonetised notes) and subsequently sale invoices,” said Mr N Srikanth, Income-Tax Department director (investigations unit-2), in his complaint.

“Musaddilal Gems and Jewellers and Vaishanvi Bullion deposited an amount of Rs 57 crore  and Rs 40 crore of old notes in SBI industrial finance bank at Panjagutta and Axis Bank at Jubilee Hills by colouring it as genuine business raising cash advances on Nove-mber 8 and subsequently sale invoices,” Mr Srika-nth said in the complaint.

Investigation found that Musaddilal Gems and Jewellers deposited the cash on November 10, 11 and November 15 in SBI through the staff Narsing and Basha. It claimed that it received cash from 3100 customers as advance and bullion delivered to them later.

Jubilee Hills inspector of  police S. Venkat Reddy said, “We have booked case on the basis of a complaint filed by I-T department against Musaddilal Jewellers Private Limited wherein he had allegedly sold gold worth Rs 100 crore after demonetisation. The case is transferred to CCS.”