HYDERABAD: A special court here has taken cognisance of a prosecution complaint filed by the Directorate of Enforcement (ED), Hyderabad Zonal Office, against M/s MBS Jewellers Pvt Ltd, Sukesh Gupta, M/s Mussadilal Gems & Jewels (India) Pvt Ltd, Anurag Gupta, Karri Ravi Prasad and Valluri Mohan Rao under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED initiated the investigation based on an FIR registered by the CBI, ACB, Hyderabad against Sukesh Gupta and his companies for allegedly defrauding M/s MMTC Limited, a public sector enterprise, to the tune of Rs 504.34 crore in the purchase of gold bullion under the Buyer’s Credit Scheme. Upon completion of the investigation, the CBI filed a chargesheet against Sukesh Gupta and others.
According to the ED, Sukesh Gupta, through his companies, received gold bullion from MMTC Limited on Buyer’s Credit loan basis while keeping the forex position open without paying the additional 5 per cent margin money, resulting in a loss of Rs 549.06 crore to MMTC.
The investigation revealed that Sukesh Gupta was the mastermind behind the alleged scam and had conspired with others to cheat MMTC. Despite huge outstanding dues to MMTC, the MBS Group allegedly continued its business operations uninterrupted and utilised the gold bullion for profitable ventures.
The ED stated that Sukesh Gupta’s companies were not supposed to receive further gold supplies from MMTC until the earlier dues were cleared. However, instead of repaying the outstanding amounts and providing fresh forex cover or security, Sukesh Gupta allegedly colluded with certain MMTC Hyderabad officials and others, misrepresented the financial position of his companies and continued lifting more gold for business operations.
The investigation further revealed that the MBS Group sold the gold bullion and jewellery to various customers and allegedly diverted and siphoned off the proceeds through different group entities and their directors, partners and proprietors.
