By way of PTI
NEW DELHI: Jewelry shares value greater than Rs 149 crore had been seized by means of the Enforcement Directorate (ED) after it raided two Hyderabad-based gemstones and jewels teams as a part of a cash laundering probe related to alleged dishonest with MMTC, a public sector undertaking.
The searches have been introduced towards MBS Jewellers Pvt Ltd, Musaddilal Gemstones and Jewels India Pvt Ltd, and their administrators Sukesh Gupta and Anurag Gupta on October 17 at 5 places in Telangana’s capital town and Vijaywada in Andhra Pradesh.
The seizure contains jewelry shares of Rs 149.10 crore and a money quantity of Rs 1.96 crore, the ED stated in a commentary issued on Thursday.
Sukesh Gupta used to be due to this fact arrested by means of the federal company on October 18 and a different Prevention of Cash Laundering Act (PMLA) court docket, an afternoon afterward October 19, despatched him to fourteen days judicial custody, the ED stated.
The cash laundering case stems from a CBI FIR and chargesheet filed towards Sukesh Gupta and his firms for defrauding MMTC Restricted in acquire of gold bullion underneath purchaser’s credit score scheme.
“Sukesh Gupta in energetic connivance with few officers of MMTC Hyderabad had incessantly lifted gold with out foreign exchange duvet and with out good enough safety deposits and his dues have been persistently misreported to the MMTC head place of work and with out squaring off the prevailing losses, his companies persevered lifting an increasing number of gold from MMTC for his or her private achieve and this in the long run led to a lack of public cash to the song of Rs 504.34 crore to the MMTC,” the company stated.
Sukesh Gupta, it stated, “colluded” with quite a lot of officials of MMTC Hyderabad and painted a fallacious image of his account and stored on lifting gold to hold on its industry as standard and MMTC in the long run suffered a “huge” loss.
He additionally entered into an OTS (one time agreement) with MMTC in 2019.
On the other hand, MMTC showed that Sukesh Gupta didn’t comply the OTS prerequisites and the OTS has failed, the ED stated.
NEW DELHI: Jewelry shares value greater than Rs 149 crore had been seized by means of the Enforcement Directorate (ED) after it raided two Hyderabad-based gemstones and jewels teams as a part of a cash laundering probe related to alleged dishonest with MMTC, a public sector undertaking.
The searches have been introduced towards MBS Jewellers Pvt Ltd, Musaddilal Gemstones and Jewels India Pvt Ltd, and their administrators Sukesh Gupta and Anurag Gupta on October 17 at 5 places in Telangana’s capital town and Vijaywada in Andhra Pradesh.
The seizure contains jewelry shares of Rs 149.10 crore and a money quantity of Rs 1.96 crore, the ED stated in a commentary issued on Thursday.
Sukesh Gupta used to be due to this fact arrested by means of the federal company on October 18 and a different Prevention of Cash Laundering Act (PMLA) court docket, an afternoon afterward October 19, despatched him to fourteen days judicial custody, the ED stated.
The cash laundering case stems from a CBI FIR and chargesheet filed towards Sukesh Gupta and his firms for defrauding MMTC Restricted in acquire of gold bullion underneath purchaser’s credit score scheme.
“Sukesh Gupta in energetic connivance with few officers of MMTC Hyderabad had incessantly lifted gold with out foreign exchange duvet and with out good enough safety deposits and his dues have been persistently misreported to the MMTC head place of work and with out squaring off the prevailing losses, his companies persevered lifting an increasing number of gold from MMTC for his or her private achieve and this in the long run led to a lack of public cash to the song of Rs 504.34 crore to the MMTC,” the company stated.
Sukesh Gupta, it stated, “colluded” with quite a lot of officials of MMTC Hyderabad and painted a fallacious image of his account and stored on lifting gold to hold on its industry as standard and MMTC in the long run suffered a “huge” loss.
He additionally entered into an OTS (one time agreement) with MMTC in 2019.
On the other hand, MMTC showed that Sukesh Gupta didn’t comply the OTS prerequisites and the OTS has failed, the ED stated.