HYDERABAD: Sukesh Gupta, Director of the MBS Group of Companies which includes MBS Impex Private Limited and MBS Jewellers Private Limited, has been granted conditional anticipatory bail by the Telangana High Court in a case brought forth by the Enforcement Directorate in 2014 under the provisions of the Prevention of Money Laundering Act.
The MBS Jewellers and other sister companies received the gold from MMTC on buyers’ credit loan basis by maintaining forex positions without paying additional 5 per cent margin money, in collusion with the officials of MMTC and ultimately causing loss to the tune of over Rs 190 crore to the MMTC, which is the crux of the case against Sukesh Gupta and others, who are involved.
Sukesh Gupta and others have recently received notifications from the ED to appear before it so that it can investigate this case. In the lawsuit filed eight years ago, he asked the High Court for anticipatory release because he thought the ED might arrest him. He further asserts before the court that the petitioner had previously helped with the inquiry and now anticipates being arrested as a result of the ED taking action to attach the assets.
Justice Kasoju Surender, after hearing both sides, granted Sukesh Gupta anticipatory bail with the requirement that he surrender his passport and appear before the relevant Investigating Officer, Enforcement Directorate, in Hyderabad for the purpose of questioning/interrogation, on the specified dates until October 14, 2022, from 10 am to 4 pm.
Sukesh Gupta will then appear every Monday through Wednesday for the following five weeks, except for public holidays. The ED authorities must not use any third-degree tactics, nevertheless. Sukesh Gupta must provide security of Rs 2 lakh. The ED is free to ask for revocation of Sukesh Gupta’s anticipatory bail in the event any of the restrictions are breached.