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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 demonetisation of Rs 500 and Rs 1,000 tenders last month. Besides Kailash Chand Gupta (65), his kin and others have also been booked by the police under various sections of the IPC for their alleged role in the "conspiracy". Central Crime Station, a wing of Hyderabad Police, arrested Gupta for his alleged involvement in cheating and manipulation of records for illegal gain post demonetisation. Another businessman, Naredi Narender Kumar (59), MD of a private firm and brother-in-law of Gupta, was also arrested for abetment and hiding Gupta from the police. Gupta runs three jewellery and bullion firms with his two sons, a daughter-in-law and another woman as directors. After demonetisation, 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 the 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 3,100 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 been 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. Some of the fake receipts are in the names of fictitious customers belonging to other states which clearly reveals the receipts are fabricated and generated by the accused persons, the release said. When an enquiry was made with one such customer, she denied having purchased any item or visited the shop or office of the accused persons either on November 8 or thereafter and that her signature and handwriting on the receipts is fake, the police stated. The police suspect that Gupta and other directors of these firms, in order to escape from the liability of offence, manipulated relevant records of Registrar of Companies with ante-dates to change the names of directors. According to the police, Kumar assembled with other accused and abetted them in the commission of the offence. Following the Income Tax raids on the residence of the accused persons and registration of criminal case against them, Kumar harboured and provided shelter to Gupta at his residence in Manikonda area and at his factory at Auto Nagar. He concealed the whereabouts of Gupta in order to evade police arrest, the release said. Further investigation is on.