【India】ED attaches assets worth Rs 363 cr of jewellery firm

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Editor’s Note

This report details the Enforcement Directorate’s provisional attachment of assets valued at over ₹363 crore in a money laundering case linked to an alleged fraud against MMTC. The action targets properties associated with MBS Jewellers and related entities.

ED attaches assets worth Rs 363 cr of jewellery firm

The Enforcement Directorate (ED) on Saturday said it has attached assets worth over Rs 363 crore of a jewellery firm in a money laundering case linked to an alleged fraud against public sector enterprise MMTC. Forty-five immovable properties of MBS Jewellers Pvt Ltd, MBS Impex Private Limited, Sukesh Gupta, Anurag Gupta, Neetu Gupta, Vandana Gupta and their other group entities have been provisionally attached under various sections of the Prevention of Money Laundering Act, it said in a statement.

The ED case against the accused was made out on the basis of a Hyderabad CBI Anti-Corruption Bureau FIR and chargesheet (filed in 2014) against Sukesh Gupta and others for “defrauding” MMTC Limited (Metals and Minerals Trading Corporation) in purchase of gold bullion under the buyer’s credit scheme.

“Sukesh Gupta, in active connivance with few officials of MMTC Hyderabad, continuously lifted gold without forex cover and without adequate security deposits. His dues were consistently mis-reported to the MMTC head office and without squaring off the existing losses, his firms continued lifting gold from MMTC for their personal gain and thereby caused a loss of public money to the tune of Rs 504.34 crore (including interest up to May 31, 2021 of Rs 277.52 crore) to the MMTC,” the ED alleged.

“Sukesh Gupta colluded with various officers of MMTC Hyderabad and painted a wrong picture of his accounts and kept on lifting gold to carry on its business as usual,” the agency said.

“While MMTC ultimately suffered a massive loss, the business of Sukesh Gupta flourished and ran with huge profit,” ED said.
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⏰ Published on: August 31, 2021