Musaddilal Case: HC quashes bail pleas of directors, one arrested

Hyderabad: Hyderabad High Court quashed the anticipatory bail pleas moved by accused in the Musaddilal Jewellers’ case on Monday, following which Central Crime Station (CCS) sleuths arrested one of its directors, Nikhil Gupta in the evening.

Nikhil is the son of Kailash Chand Gupta, Managing Director of Musaddilal Jewellers. He was earlier arrested by the CCS sleuths. However he managed to get bail after spending several days in judicial remand at the Chanchalguda prison.

Meanwhile Nitin Gupta other son of Kailash Chand and co-accused in the case, on the pretext of ill health admitted himself to Apollo Hospital in Jubilee Hills.

It must be recalled the Central Crime Station (CGS) police had arrested Musaddilal Jewellers’ managing director Kailash Chand Gupta and his brother-in-law, who were found embroiled in a massive fraud of turning black money into gold, hours before the demonetisation move came into effect and sent to Chanchalguda jail on judicial remand. They were accused of generating 5200 fictitious advance payment receipts of gold purchase to the tune of Rs. 97.85 Cr.