Hyderabad: The Directorate of Enforcement alleged that Sukesh, director of MBS Jewellers Private Limited, Musaddilal Gems, and Jewels India Private Limited along with Anurag Gupta colluded with the various officers of MMTC Hyderabad and tampered with the transactions of his account and cheated MMTC ultimately resulting in a massive loss.
“Sukesh Gupta also entered into an OTS (One-time settlement) with MMTC in 2019. However, MMTC confirmed that Sukesh Gupta did not comply with the OTS conditions and the OTS has failed,” the ED officials alleged.
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The Directorate of Enforcement (ED) conducted a search operation on MBS Jewellers Private Limited, Musaddilal Gems & Jewels India Private Limited, its director Sukesh Gupta and Anurag Gupta at five locations in Hyderabad and Vijaywada and seized jewellery stocks of Rs. 149.10 Crore and Cash of Rs. 1.96 Crore in MMTC fraud scam. Sukesh Gupta was arrested by ED and was produced before the Special PMLA Court at Nampally, Hyderabad on 19/10/2022 and was sent to 14 days of judicial custody.
“An investigation is initiated on the basis of FIR registered by CBI, ACB, Hyderabad against Sukesh Gupta and his companies for defrauding M/s MMTC Limited (a Public Sector Enterprise) in the purchase of gold bullion under Buyer’s Credit Scheme. Sukesh Gupta in active connivance with a few officials of MMTC Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits and his dues were consistently misreported to the MMTC Head Office and without adjusting off the existing losses, his firms continued lifting more gold from MMTC for their personal gain and thereby, ultimately caused a loss of public money to the tune of Rs 504.34 Crore to MMTC,” said ED officials.
The CBI has filed a charge sheet against Sukesh Gupta and others.
During ED investigation, “it is found that Sukesh Gupta colluded with the various officers of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting more and more gold to carry on its business as usual and MMTC ultimately suffered a massive loss. Sukesh Gupta also entered into an OTS (One time settlement) with MMTC in 2019. However, MMTC confirmed that Sukesh Gupta did not comply with the OTS conditions and the OTS has failed.” the officials added.
Further investigation is under progress.
