HYDERABAD: A day after the Enforcement Directorate (ED) conducted searches at MBS Jewellers and Musaddilal Jewellers and allegedly found incriminating material pointing to violation of PMLA and FEMA rules, one of the directors of MBS, Sukesh Gupta was sent to Chanchalguda jail after a city court remanded him in judicial custody. He was arrested and questioned on Tuesday for alleged violation of PMLA and FEMA rules.
The ED sleuths seized unaccounted gold and diamonds worth Rs 100 crore from three of the MBS showrooms and documents related to properties worth Rs 50 crore acquired under benami names by Sukesh Gupta and another MBS Jewellery director Anurag Gupta. Officials were examining the seized documents to find out if Sukesh Gupta and Anurag Gupta diverted loans taken from banks to shell companies and benami accounts.
Sleuths produced the accused Sukesh Gupta before the court after medical examination and was remanded in jail till November 5. The ED officials are likely to seek his further custody for deeper investigation.