MMTC Case : ED Seizes Jewellery, Cash Worth Rs 151.06 Cr After Raids on MBS Jewellers

Hyderabad: The Enforcement Directorate (ED) confiscated jewellery stocks worth more than Rs 149.10 crore after it conducted searches on Hyderabad-based two gems and jewels group. The agency also seized a cash amount of Rs 1.96 crore, the ED said in a statement issued on Thursday. 
 
The raids were carried out as a part of a money laundering probe in connection with the alleged cheating with Metals and Minerals Trading Corporation (MMTC). 
 
The raids were conducted on various locations of MBS Jewellers Private Limited, Musaddilal Gems & Jewels India Private Limited and their directors Sukesh Gupta and Anurag Gupta on Oct. 17. The searches were carried out at five locations in Hyderabad (Telangana) and Vijayawada (Andhra Pradesh). 

The MBS Jewellery Managing Director Sukesh Gupta was detained on Oct. 18 and produced before the Economic Offences Court here on Wednesday. The court sent him into a 14 days judicial remand. The CBI and ACB Hyderabad had filed a case against Sukesh Gupta and his firms for cheating MMTC in the purchase of gold bullion under buyer's credit scheme. 

ED conducted searches at various locations in MBS Jewellers case on 17 Oct in Hyderabad & Vijaywada & seized jewellery & cash worth Rs 151.06 Cr in MMTC fraud scam. Subsequently, Sukesh Gupta was arrested by ED & sent to 14 days judicial custody by the PMLA Special Court: ED pic.twitter.com/fXLH3i0Nt1

— ANI (@ANI) October 20, 2022

Sukesh Gupta ‘colluded’ with various officers of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting gold to carry on its business as usual and MMTC ultimately suffered a ‘massive’ loss, the Enforcement Directorate said. 

Also Read: Dhanteras 2022: Things You Can Buy on Dhanteras