The Enforcement Directorate (ED) has seized jewellery stocks worth more than Rs 149 crore after it raided two Hyderabad-based jewellery groups as part of a money laundering probe linked to alleged an cheating case with MMTC, a public sector enterprise.
The ED conducted searches 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 Hyderabad and Vijaywada in Andhra Pradesh.
The seizure includes jewellery worth Rs 149.10 crore and a cash amount of Rs 1.96 crore, the ED said in a statement on Thursday.
Sukesh Gupta was arrested by ED on October 18 2022, and was produced before the special PMLA Court at Nampally, Hyderabad, on October 19. He was sent to 14 days of judicial custody.
The money laundering case initiated by ED is based on 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.
ED officials said that Sukesh Gupta, in active collusion with a few officials of MMTC Hyderabad, had continuously stolen gold without forex cover and without adequate security deposits. His dues were consistently misreported to the MMTC Head Office.
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His firms continued stealing more and more gold from MMTC, which ultimately caused a loss of public money to the tune of Rs 504.34 crore to MMTC.
During the ED investigation, it was found that Sukesh Gupta conspired with the various officers of MMTC Hyderabad and painted a wrong picture of his account.
Sukesh Gupta and others have been named in a chargesheet issued by the CBI.
In 2019, Sukesh Gupta had reached a one-time settlement with MMTC Ltd. Sukesh Gupta allegedly failed to deposit any money, and the OTS also never materialised, according to MMTC Ltd.