ED attaches Rs 363 crore assets of Hyderabad-based MBS Jewellers | Hyderabad News – Times of India

HYDERABAD: The Enforcement Directorate has attached 45 immovable properties worth Rs 363 crore of MBS Jewellers Private Limited, MBS Impex Private Limited and its promoters for allegedly defrauding Metals and Minerals Trading Corporation of India (MMTC) Limited of Rs 504 crore.
MBS Group promoters — Sukesh Gupta, Anurag Gupta, Neetu Gupta and Vandana Gupta — and their other group entities were booked under the Prevention of Money Laundering Act. The ED initiated money laundering investigation on the basis of an FIR lodged by CBI, Hyderabad branch, against Sukesh and his companies for defrauding MMTC Ltd in purchase of gold bullion under the buyer’s credit scheme.
MBS Group and Sukesh’s counsel Herur Rajesh Kumar said despite a high court stay, the ED had issued the attachment order which was a violation of the stay order.
ED alleges Sukesh’s firms continued to lift gold from MMTC
The ED alleged: “Sukesh in active connivance with a few officials of MMTC Hyderabad had continuously lifted gold without forex cover and without adequate security deposits. His dues were consistently misreported to the MMTC head office and without squaring off the existing losses.”
It further said: “His firms continued to lift gold from MMTC Ltd for their personal gain. This has caused a loss of public money to the tune of Rs 504 crore, including an interest of Rs 277 crore to MMTC Ltd.”
During its investigation, the ED found that on the basis of his business profile, Sukesh took loans, struck real estate deals and expanded his business.
“All through the investigation, the conduct of Sukesh has been evasive and non-cooperative. He has also failed to discharge the burden of proof imposed on him under the PMLA,” it said.
In another case under FEMA, the ED adjudicated and levied a penalty of Rs 222 crore on MBS Group.
Sukesh had also entered into a one-time settlement (OTS) with MMTC Ltd in 2019. But, as per the latest reports from MMTC Ltd, Sukesh did not deposit any funds and the OTS didn’t fructify.
The CBI had first filed a chargesheet against Sukesh and others in 2014.


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