On Monday, searches were conducted at the properties of MBS Jewelers Pvt Ltd and Musadilal Gems & Jewels India Pvt Ltd and directors Sukesh Gupta and Anurag Gupta in Hyderabad and Vijayawada.
The Enforcement Directorate (ED) on Thursday said it seized jewelery worth Rs 149.10 crore and cash worth Rs 1.96 crore during recent searches at five locations in Hyderabad and Vijayawada in a case related to alleged fraud with MMTC.
On Monday, searches were conducted at the properties of MBS Jewelers Pvt Ltd and Musadilal Gems & Jewels India Pvt Ltd and directors Sukesh Gupta and Anurag Gupta in Hyderabad and Vijayawada.
The ED had arrested Sukesh Gupta on Tuesday. He was produced before the Special Prevention of Money Laundering Act (PMLA) Act (PMLA) court in Nampally, Hyderabad on Wednesday and sent to 14-day judicial custody.
The probe agency has initiated an investigation against Sukesh Gupta and his companies for cheating a public sector enterprise based on the First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) and the Anti-Corruption Bureau (ACB), Hyderabad. Of. -- MMTC Limited -- In purchase of gold bullion under Buyers Credit Scheme.
The agency said that Sukesh Gupta, with the active connivance of some officials of MMTC Hyderabad, had continuously raised gold without forex cover and without adequate security deposit.
The agency said Sukesh's dues were continuously misreported to the head office of MMTC and without making up the existing losses, his firms continued to raise more and more gold from MMTC for their personal gains. This ultimately resulted in loss of public money of ₹ 504.34 crore to the public sector enterprise. CBI has filed chargesheet against Sukesh Gupta and others.
During ED's investigation, it was found that Sukesh Gupta colluded with various officials of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting more and more gold to carry on his business as usual and eventually led to MMTC. There was heavy loss.
Sukesh Gupta also entered into One-Time Settlement (OTS) with MMTC in 2019. However, MMTC confirmed that they did not comply with the OTS conditions and OTS failed. Further investigation is on.
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