The Enforcement Directorate recently conducted a search operation on the premises of MBS Jewellers Private Limited, Musaddilal Gems & Jewels India Private Limited.

Notably, MBS Jewellers Private Limited is by Mr. Sukesh Gupta and Musaddilal Gems & Jewels India Private Limited is run by Mr. Anurag Gupta in Hyderabad and Vijayawada, respectively.  Furthermore, during the raids conducted on the 20th of October, the ED  seized jewellery worth Rs. 149.10 crores and Rs. 1.96 crores in cash. 

According to sources, the raid was carried out in view of a registered money laundering case.  It is to be noted, the Central Bureau of Investigation (CBI) and Anti Corruption Bureau (ACB) registered a case against Mr. Sukesh Gupta and MBS Jewellers Private Limited for defrauding Metals and Minerals Trading Corporation (MMTC) Limited (a Public Sector Enterprise) in the purchase of bullion under Buyer’s Credit Scheme.  The case was registered with the ED earlier this month, following which the ED arrested Mr. Sukesh Gupta, on the 18th of October.  He was presented at the Special Prevention of Money Laundering Act (PMLA) Court in Nampally, Hyderabad, and sent to 14 day judicial custody. 

Mr. Sukesh Gupta continuously lifted gold without forex cover and without adequate security deposits, and his dues were consistently mis reported to the MMTC Head Office, without squaring off the existing losses.  The continuous act of lifting gold led to a loss of public money to the tune of Rs. 504.34 crores to the MMTC.

The CBI has already filed a charge sheet against Mr. Sukesh Gupta and others and launched an investigation.  Meanwhile, the ED also registered a case as per the CBI’s complaint and filed a fresh case against Mr. Sukesh Gupta and Vijayawada Businessman Mr. Anurag Gupta.

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