Hyderabad: The Enforcement Directorate (ED), which seized approximately Rs 120-crore worth of gold and diamonds from the MBS jewellery management in connection with the Prevention of Money Laundering and Foreign Exchange Management Act cases, are likely to probe the case with the assistance of income-tax department officials.
The agency officials have placed the seized gold and diamonds at the State Bank of India (SBI) in Koti for safe custody.
On Wednesday, ED officials produced MBS Jewellery managing director Sukesh Gupta before the Economic Offences Court in Nampally. Later, he was shifted to Chanchalguda prison for 14 days on judicial remand. He spent the night in the Hyderabad Central Crime Station office on Tuesday.
At about 11 am on Wedneday, ED officials brought Sukesh Gupta to the ED office where the agency officials recorded his statement in connection with the irregularities in the purchase of gold from the Metals and Minerals Trading Corporation of India (MMTC) on credit and failing to pay the Central government enterprise.
Following the ED’s investigation into the illegal business activities of Sukesh Gupta, the income-tax department has allegedly kept a close vigil on irregularities committed by the MBS Jewellery management and alleged benami activities. The ED officials would assist the ITD in estimating the seized gold and diamonds. It was the first time the agency has seized such a huge consignment of gold ornaments from a firm which involved in irregularities.
A few days ago, the agency had conducted raids on the MBS Group and Musadilal Jewellers and found that Sukesh Gupta had obtained gold from MMTC on credit to maintain forex positions without paying an additional five per cent tax. In 2014, the ED officials registered cases based on CBI FIR and investigated the case.
