MBS Jewelers MD Sukhesh Gupta appeared before the ED today in a money laundering case. The Telangana High Court on Monday ordered him to cooperate with the ED in the money laundering case. In this case, the ED has given orders to attend the investigation.
In addition to this, the High Court also lifted the stay on the trial of the case. In this background, he went to the ED office today. Minerals and Metals Trading Corporation (MMTC) provides gold at a discount to gold traders. Using this facility, MBS Jewelers borrowed huge amounts of gold. MBS bought gold and diamond jewelry worth about Rs 500 crores. But MBS did not repay the money to the company in breach of contract. The MMTC officials approached the CBI with this. With this, the CBI stepped in and started an investigation.
During the investigation, CBI found that Sukesh Gupta was involved in fraud with the help of some officials in MMTC. An FIR has been registered in this regard. Since this is a financial crime, ED was also entered.
ED registered a case under money laundering and started an investigation. In October last year, the ED conducted searches at Musaddilal Gems and Jewelers in Irrumanzil and Musaddilal Jewelers in Secunderabad and Vijayawada. ED has also seized assets worth Rs.50 crore.