ED seizes Rs 149-cr jewellery stocks of Hyderabad groups, arrests director
PTI, Oct 20, 2022, 5:24 PM IST
Jewellery stocks worth more than Rs 149 crore have been seized by the Enforcement Directorate (ED) after it raided Hyderabad-based two gems and jewels groups as part of a money laundering probe linked to alleged cheating with MMTC, a public sector enterprise.
The searches were launched against MBS Jewellers Pvt Ltd, Musaddilal Gems and Jewels India Pvt Ltd, and their directors Sukesh Gupta and Anurag Gupta on October 17 at five locations in Telangana’s capital city and Vijaywada in Andhra Pradesh.
The seizure includes jewellery stocks of Rs 149.10 crore and a cash amount of Rs 1.96 crore, the ED said in a statement issued on Thursday.
Sukesh Gupta was subsequently arrested by the federal agency on October 18 and a special Prevention of Money Laundering Act (PMLA) court, a day later on October 19, sent him to 14 days judicial custody, the ED said.
The money laundering case stems from a CBI FIR and chargesheet filed against Sukesh Gupta and his companies for defrauding MMTC Limited in purchase of gold bullion under buyer’s credit scheme.
”Sukesh Gupta in active connivance with few officials of MMTC Hyderabad had continuously lifted gold without forex cover and without adequate security deposits and his dues were consistently misreported to the MMTC head office and without squaring off the existing losses, his firms continued lifting more and more gold from MMTC for their personal gain and this ultimately caused a loss of public money to the tune of Rs 504.34 crore to the MMTC,” the agency said.
Sukesh Gupta, it said, ”colluded” with various officers of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting gold to carry on its business as usual and MMTC ultimately suffered a ”massive” loss. He also entered into an OTS (one time settlement) with MMTC in 2019. However, MMTC confirmed that Sukesh Gupta did not comply the OTS conditions and the OTS has failed, the ED said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Scribe throws lapel microphone towards Sharad Pawar in Baramati; cops give clean chit
India delivers first batch of BrahMos missiles to Philippines
Air India cancels Dubai flights due to operational disruptions
2 Indian students killed in Scottish waterfall accident
Lok Sabha Elections 2024: Zero voter turnout in 6 Nagaland districts amid shutdown call by ENPO over separate territory demand
MUST WATCH
Latest Additions
Injuries don’t define you: Mohammed Shami shares rehab update
Shivakumar desperately wants to become CM, says K’taka BJP chief Vijayendra
Scribe throws lapel microphone towards Sharad Pawar in Baramati; cops give clean chit
India delivers first batch of BrahMos missiles to Philippines
Air India cancels Dubai flights due to operational disruptions