Musaddilal fraud: Bullion trader held
HYDERABAD: In a breakthrough in the Musaddilal note conversion fraud, police have arrested Neel Sunder Tharad, proprietor of Astha Lakshmi Bullion, for collecting 40 crore, all in demonetised 500 and 1,000 notes, from black money hoarders and depositing them in the accounts of Musaddilal Jewellery to turn them into ‘white’ money through the bullion route. He is a relative of Musaddilal Jewellers managing director Kailash Chand Gupta, who is currently in judicial custody at the Chanchalguda jail.
“After demonetisation on November 8, Tharad conspired with Kailash Chand Gupta and others of Musaddilal Jewellers and some other firms and hatched a plan to convert huge unaccounted amounts, which were with them, into new currency by depositing the old notes in the banks,” the CCS said on Thursday. Tharad operates Astha Lakshmi Gold Bullion, a sister concern of the scam-tainted Musaddilal Jewellers, in Secunderabad. He was arrested from his residence at BS Maktha in Begumpet.
“Tharad collected about 28 crore from people for exchanging it at 30% commission and also negotiated with Nithin Gupta and others of Musaddilal Jewellers to pay a commission of 10% from his share for getting the amounts exchanged through their firms,” deputy commissioner of police (CCS) Avinash Mohanty said.