HYDERABAD: Sleuths of the central crime station, who are probing the case of fraudulent transactions done by Musaddilal Jewellers, are collecting details of transactions made at various branches of the jewellery store in Hyderabad in the last two months to find out fraudulent transactions, if any.
The IT department raided the store at Banjara Hills and found out that about `97 crore had been fraudulently deposited into two bank accounts of the store. Store owner Gupta created fake bills and showed that around 5,200 persons purchased gold at his store within an hour after demonetisation was announced.
The CCS police, after collecting details of transactions, found that the amounts were initially deposited into two accounts, one with a nationalised bank and another with a private bank in Banjara Hills. The amount was later transferred to the bank accounts of the jeweller and his close associates mostly in New Delhi and Hyderabad.
“There are 67 transactions in which the accused disbursed `97 crore. They deposited `39 crore into the private bank account and `57 crore into the nationalised bank account, and then diverted the funds into about 20 accounts. They diverted the money further into smaller amounts to avoid suspicion,” said a senior police officer.
The accounts were opened in the names of SK Implex, DG Gold Pvt Ltd, SMC Comtrade Pvt Ltd in the private bank, and Balaji Jewellers, SM Implex, Vaishnavi Bullion Pvt Ltd opened in the nationalised bank. A part of the money also went into the accounts of one of the directors Nitin Gupta.
“The accused Gupta claims several other jewellers too have been doing the same for a long time and accuses others of doing illegal sale of gold after demonetisation. But we cannot book a suo motu case basing on his disclosure,” said the officer.
The police are also collecting the details of the money transactions and bills issued one or two months prior to Nov 8 so as to find out if any fake bills were created.