New Delhi (The Hawk): The Enforcement Directorate (ED) announced on Thursday that it had recently conducted a search operation on the premises of MBS Jewellers Private Limited, Musaddilal Gems & Jewels India Private Limited, and its director Sukesh Gupta and Anurag Gupta in Hyderabad and Vijaywada, and that it had seized jewelleries worth a total of Rs 149.10 crore as well as Rs 1.96 crore in cash during the course of the operation.
In the course of its investigation into a possible instance of money laundering, the ED proceeded to take the action in question.
On October 18th, Sukesh Gupta was taken into custody by the ED. After being brought before the Special PMLA Court in Nampally, Hyderabad, he was placed in judicial detention for a period of fourteen days.
Based on the First Information Report that was filed by the Central Bureau of Investigation, Anti-Corruption Branch in Hyderabad against Gupta and his companies for allegedly defrauding MMTC Limited, a Public Sector Enterprise, in the purchase of bullion under the Buyer's Credit Scheme, the Enforcement Directorate (ED) began an investigation into the matter.
Gupta, in active connivance with a few officials of MMTC Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits. Additionally, his dues were consistently mis-reported to the MMTC Head Office. Furthermore, without squaring off the existing losses, his firms continued lifting more and more gold from MMTC for their own personal gain, which ultimately resulted in a loss of public money to the tune of Rs 504.34 crore to MMTC.
The Central Bureau of Investigation (CBI) has already presented a chargesheet against Gupta and other individuals.
During the inquiry by the ED, it was discovered that Gupta cooperated with numerous officials of MMTC Hyderabad to create a false picture of his account. He also went on lifting more and more gold to go on its business as usual, which finally resulted in a significant loss for MMTC. In 2019, Sukesh Gupta also went into a one-time settlement agreement (also known as an OTS) with MMTC.
Despite this, MMTC has verified that Sukesh Gupta did not fulfil the OTS requirements, which means that the OTS was unsuccessful.
(Inputs from Agencies)