Astha Lakshmi Gold Bullion Owner Held For Laundering Musaddilal’s Money

Hyderabad: Neel Sunder Tharad, owner of Astha Lakshmi Gold Bullion in Secunderabad, was arrested on Wednesday by Central Crime Station (CCS) police for generating fake and fictitious advance payment receipts for depositing unaccounted money in banks after demonetization.

Tharad also negotiated with Kailash and other director of Musaddilal Jewellers to pay a commission of 10 per cent for getting the amounts exchanged through their firms. They generated receipts on the name of 5,200 fake customers name within three hours after the announcement of demonetization

Tharad conspired with Kailash Chand Gupta and other partners of Musaddilal Jewellers and hatched a plan to convert unaccounted money into new currency by creating fake bills. Tharad created fake bills of black money of Rs 28 crore which belonged to his associates and charged 30 per cent commission on it.

DCP Avinash Mohanty said, “ Tharad also negotiated with Kailash and other director of Musaddilal Jewellers to pay a commission of 10 per cent for getting the amounts exchanged through their firms. They generated receipts on the name of 5,200 fake customers name within three hours after the announcement of demonetization."

Tharad, along with others, deposited the accumulated amounts of about Rs 40 crore in Vaishnavi Bullion, a sister concern of Musaddilal Jewelers and subsequently diverted the amounts into two accounts of Astha Lakshmi Gold Bullion belonging to him. Later, the same was diverted to other accounts for purchase of gold.

It may be recalled that In December last year, police arrested Kailash for his alleged involvement in cheating and manipulation of records for illegal gain.