MBS Sukesh Gupta appears before ED in Hyd, Kochi ED official raid on Joyalukkas
DECCAN CHRONICLE | DC Correspondent
Hyderabad: MBS Jewellers owner Sukesh Gupta on Wednesday appeared before the Enforcement Directorate (ED) officials for questioning in connection with irregularities in the company’s gold business.
Complying with the court order, Gupta appeared before the agency officials.
He had an MoU with Metals Minerals Trading Corporation (MMTC), a public sector enterprise and was questioned on transactions. His bank accounts were also verified.
As per the agreement, Gupta received gold on credit from MMTC without paying an additional five per cent tax. He allegedly created fake and forged invoices by showing his sales reports to obtain a credit facility. After collecting huge amounts from MMTC, fake accounts records including false invoices and false sales have been prepared to divert the agency’s attention.
During the probe, ED officials found that MBS Jewellers management cheated MMTC to the tune of Rs 500 crore. Collaboration of MMTC employees was also alleged.
Earlier, the CBI had registered cases against MBS Jewellers in connection with irregularities and the exchange of demonetised notes and the ED officials have re-registered cases against MBS and taken up the probe. ED officials, based on their investigation, have attached properties of MBS by conducting searches.
ED officials attached Rs 363 crore assets from MBS in August 2021 and
attached Rs150 crore properties including gold from MBS in October 2022.