ED raids 2 Hyderabad-based firms, seizes Rs 149-cr jewellery
New Delhi, October 20
The Enforcement Directorate today said it had seized jewellery stocks worth more than Rs 149 crore after raiding two Hyderabad-based jewels and gems groups as part of its probe under provisions of the Prevention of Money laundering Act (PMLA) in a case linked to alleged cheating with MMTC Limited, a public sector enterprise.
Credit scheme fraud
- Raids carried out against MBS Jewellers & Musaddilal Gems and Jewels in fraud case
- Seizure includes jewellery stocks worth Rs 149.10 crore and Rs 1.96 crore cash
In a statement, the ED said the searches were launched against MBS Jewellers Pvt Ltd and 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 worth Rs 149.10 crore and Rs 1.96 crore cash, the ED said. Sukesh was arrested on October 18 and a special PMLA court, a day later on October 19, sent him to 14-day judicial custody, it said.
The ED’s case is based on a CBI FIR and chargesheet filed against Sukesh and his companies for defrauding MMTC in purchase of gold under buyer’s credit scheme. “Sukesh Gupta in connivance with a few officials of MMTC, Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits and his dues were misreported and without squaring off the existing losses, his firms continued lifting gold for personal gain, causing a loss of public money to the tune of Rs 504.34 crore to the MMTC,” the ED said.
