HYDERABAD: The Directorate of Enforcement (ED) conducted searches at the Musaddilal and MBS Jewellers on Tuesday. The sleuths, after almost 30 hours of search, found several alleged irregularities and violations in the purchase of gold from MMTC Ltd.
ED sources said that diamonds and gold worth Rs 100 crore, which were seized from three MBS showrooms, were not accounted for. Officials also reportedly seized documents of properties valued at Rs 50 crore acquired under benami names by Sukesh Gupta and Anurag Gupta, directors of MBS Jewellers.
ED sleuths picked up Sukesh for questioning at around 9 pm, while sources said he was arrested, ED officials refused to confirm the same. A case for violating the PMLA and FEMA was registered against Anurag. Officials suspect the duo diverted loans secured from banks to other companies and benami accounts to purchase land in both the Telugu states. MBS Jewellers allegedly committed the same offence in 2014 too. ED officials alleged that the jewellers received gold on credit from MMTC Ltd to maintain forex positions without paying an additional five per cent tax. ED also reportedly identified fake invoices and vouchers pertaining to jewellery sales to customers.
Following repeated complaints of irregularities against MBS and Musaddilal Jewellers, ED investigated their bank transactions and reportedly found that they deposited demonetised currency in banks and exchanged them for new notes.
I-T RAIDS ON HOUSES AND OFFICES OF ‘BIG C’ MD, SON
Income Tax (I-T) Department sleuths on Tuesday conducted searches in the residence and offices of Big C Managing Director (MD) Y Sambashiva Rao and his son in both the Telugu states. The raids come in connection with the searches at the establishments belonging to RS Brothers in the twin cities last week. Sambashiva Rao’s son Swapna Kumar is the Executive Director of Big C. He is reportedly one of the directors of Honor Projects, Lot Mobiles and 24 other firms