Hyderabad: The Telangana High Court has granted an interim stay on an order by a special court of the Enforcement Directorate (ED) involving Hyderabad-based Musaddilal Gems & Jewels and its director, Sukesh Gupta.
The ED court had taken cognizance of charges against Gupta for alleged involvement in money laundering activities.
The High Court also issued a summons to the ED, directing them to appear before it on the next date of hearing.
ED files prosecution complaint against jewellers, others in MMTC Ltd fraud
The legal challenge was mounted by Gupta’s counsel, B Vamshidhar Reddy, who argued that the ED court proceeded with the case despite the Supreme Court having seized the matter and it being pending before it.
The ED had filed a charge sheet against Sukesh Gupta, his brother Anurag Gupta, Karri Ravi Prasad, a retired senior manager of MMTC, and Valluri Mohan Rao, the managing director of MMTC Ltd.
The charges relate to an alleged fraud involving the purchase of gold bullion under the Buyer’s Credit Scheme, which resulted in an unjustified loss of Rs 226.82 crore to MMTC.
