nThe Enforcement Directorate (ED) has attached 45 immovable properties worth Rs 363.51 crore of Hyderabad-based MBS Jewellers Private Limited and MBS Impex Private Limited among others in a money laundering case related to defrauding MMTC in purchase of gold bullion.
The attached assets are also related to promoters and directors of MBS Group, Sukesh Gupta, Anurag Gupta, Neetu Gupta, Vandana Gupta and their other group entities.
The ED had initiated money laundering investigation on the basis of FIR registered by ACB, CBI, Hyderabad against Sukesh Gupta and his companies for defrauding MMTC Limited (a Public Sector Enterprise) in purchase of gold bullion under Buyer’s Credit Scheme, the agency said in a statement.
“Sukesh Gupta in active connivance with few officials of MMTC Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits. His dues were consistently misreported to the MMTC Head Office and without squaring off the existing losses, his firms continued lifting gold from MMTC for their personal gain and thereby caused a loss of public money to the tune of Rs 504.34 crore (including interest up to 31.05.2021 of Rs 277.52 crore) to MMTC,” the agency said.
The CBI had filed a charge sheet against Sukesh Gupta and others in 2014.
During the ED investigation, it is found that Sukesh Gupta colluded with various officers of MMTC Hyderabad and painted a wrong picture of his accounts and kept on lifting gold to carry on its business as usual.
While the MMTC ultimately suffered a massive loss, the business of Sukesh Gupta flourished and ran with huge profit. On the basis of his business profile, he took loans and struck real estate deals and grew his business in the name of various related companies. All through the investigation, the conduct of Sukesh Gupta has been evasive and non-cooperative and he has failed to discharge the burden of proof imposed on him under the Prevention of Money Laundering Act.
In another case under Foreign Exchange Management Act (FEMA), the ED had adjudicated and levied a penalty of around Rs 222 crore on the MBS Group.
Sukesh Gupta also entered into a one-time settlement (OTS) with MMTC in 2019. But as per the latest reports from MMTC, Sukesh Gupta did not deposit any funds and the OTS has failed.
The ED has now identified 45 immovable properties belonging to him and his related entities, and their directors. The ED has provisionally attached these properties under PMLA to safeguard the proceeds of crime, it added.