MBS Jewellers PMLA case: MMTC duped to the tune of Rs 504 cr
HYDERABAD: The Enforcement Directorate (ED) officials, who arrested MBS Jewellers director Sukesh Gupta in connection with the PMLA cases, have found that he colluded with employees of Metals and Minerals Trading Corporation of India (MMTC) and duped it to the tune of Rs 504 crore.
The agency officials stated that they have seized jewellery stocks of Rs. 149.10 crore and Rs. 1.96 crore cash in connection with MMTC fraud scam. The ED officials also filed a petition before the court seeking seven day long police custody of the accused for questioning.
The ED conducted a search operation on MBS Jewellers Private Limited, Musaddilal Gems and Jewels India Private Limited, its directors Sukesh Gupta and Anurag Gupta at five locations in Hyderabad and Vijayawada.
ED initiated investigation on the basis of FIR registered against Sukesh Gupta and his companies by CBI, ACB for defrauding MMTC Limited (a Public Sector Enterprise) in purchase of gold bullion under Buyer’s Credit Scheme. Sukesh Gupta in active connivance with few officials of MMTC Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits and his dues were consistently mis-reported to the MMTC Head Office and without squaring off the existing losses, his firms continued lifting more and more gold from MMTC for their personal gain ultimately causing a loss of public money to the tune of Rs 504.34 Crore to MMTC.
During ED investigation, it was 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.