HYDERABAD: A city-based businessman was arrested on Wednesday for allegedly cheating and generating ‘fake and fictitious’ advance payment receipts to deposit “black money” to the tune of Rs. 98 crore in banks following the ban of 500 and 1000-rupee notes last month. Besides Kailash Chand Gupta (65), his kin and others have also been booked by the police under various sections of Indian Penal Code for their alleged role in the “conspiracy”.Central Crime Station, a wing of Hyderabad Police, arrested Mr Gupta for his alleged involvement in cheating and manipulation of records for illegal gain post currency ban. Another businessman Naredi Narender Kumar (59), MD of a private firm and brother-in-law of Mr Gupta, was also arrested for abetment and hiding Mr Gupta from police. Mr Gupta runs three jewellery and bullion firms with his two sons, a daughter-in-law and another woman as directors. After currency ban, Mr Gupta, along with his sons Nitin and Nikhil, daughter-in-law Neha and others, conspired and hatched a plan to convert their black money by depositing it with banks by generating fake and fabricated receipts for wrongful gains which caused loss to Government of India, stated a release from Hyderabad Police. Accordingly, the accused persons generated fake and fictitious advance payment receipts, purported to be acquired from about 3100 customers, for an amount of Rs. 57.85 crore in name of their firm Musaddilal Gems and Jewelers Private Ltd. They also allegedly produced fictitious advance payment receipts for Rs. 40 crore in name of another firm, Vaishnavi Bullion Private Ltd, claimed to be acquired from about 2,100 customers, and issued computerised receipts for the same, police said. “All the said receipts were shown to have received between 9 pm and 12 midnight on November 8, and they subsequently got the amounts deposited at SBI, Panjagutta branch and Axis Bank, Banjara Hills branch respectively,” it said.