Explorer

Hyderabad Jeweller Appears Before ED In Money Laundering Case

The jeweller appeared before the ED officials at the agency's regional office in Hyderabad.

Sukesh Gupta, one of the owners of MBS Jewellers, on Wednesday appeared before the Enforcement Directorate (ED) officials in a money laundering case.

The jeweller appeared before the ED officials at the agency's regional office in Hyderabad.

The Telangana High Court on Monday had directed Gupta to appear before the ED and answer queries on information he had furnished. The court had refused to further stay the ED proceedings.

The court had earlier stayed the ED case and appointed a senior counsel as amicus curiae.

The central agency had commenced investigation against Gupta based on an FIR filed by the CBI in 2014 on alleged irregularities committed by him in operating provisions of the gold import scheme.

Gupta had entered into an MoU with Metals Minerals Trading Corporation (MMTC), a public sector enterprise, under provisions of the scheme. He allegedly received gold on credit from MMTC Ltd to maintain forex positions without paying an additional five per cent tax. The agency reportedly identified fake invoices and vouchers pertaining to jewellery sales to customers.

Also read | Hyderabad: Another Stray Dog Attack Leaves 4-Year-Old Injured. Congress Demands Compensation For Family

The ED investigated their bank transactions and reportedly found that they deposited demonetised currency in banks and exchanged them for new notes.

The alleged irregularities by MBS Jewellers and other sister companies in buying gold in collusion with the officials of MMTC allegedly caused a loss to the tune of over Rs 504 crore including interest to the MMTC.

In August 2021, the ED had attached properties worth Rs 363.51 crore of MBS Jewellers, MBS Impex and other group entities under PMLA.

The action was taken on the basis of an FIR registered by the ACB and the CBI against Sukesh Gupta and his companies for defrauding MMTC. The CBI had filed the chargesheet in 2014.

In October last year, the ED had arrested Sukesh Gupta after searches at MBS Jewellers Private Limited and Musaddilal Gems and Jewels India Private Limited. The agency had seized gold jewellery stock worth Rs 149.10 crore and an amount of Rs 1.96 crore.

(This report has been published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Congress Promises LPG Dole To 'Infiltrators' In Jharkhand, JMM Clarifies After BJP Lashes Out
Congress Promises LPG Dole To 'Infiltrators' In Jharkhand, JMM Clarifies After BJP Lashes Out
Maharashtra Election: Parties Tread The Maratha & OBC Reservation Factor Cautiously
Maharashtra Polls: Parties Tread The Maratha & OBC Quota Factor Cautiously
Delhi Pollution: What Is Banned And What Is Allowed Under Grap III As Air Quality Remains 'Severe'
Delhi Pollution: What Is Banned And What Is Allowed Under Grap III As Air Quality Remains 'Severe'
Tim Southee Announces Retirement From Test Cricket, Set To Play Final Match In Home Series Against England
Tim Southee Announces Retirement From Test Cricket, Set To Play Final Match In Home Series Against England
Advertisement
ABP Premium

Videos

Ajit Pawar Exclusive Interview: Will Maharashtra's Deputy CM Secure Victory Once Again?Nirmala Sitharaman Announces Game-Changing Collateral-Free Loan Scheme for MSMEsSIP Emerges as a Safe Investment Amidst Market Fluctuations | Paisa LiveTop Banks Offering 8.75% Interest for Senior Citizens: Here’s What You Need to Know!

Photo Gallery

Embed widget