Hyderabad: The Enforcement Directorate (ED) on Tuesday took MBS Jewels director Sukesh Gupta into custody from Chanchalguda jail and shifted him to their office in the city.
As part of the investigation, the ED officials question Gupta for nine days. The ED officials are trying to get answers from Gupta on the loans taken from SREI Finance and the gold purchased from MMTC.
The money laundering case stems from a CBI FIR and chargesheet filed against Sukesh Gupta and his companies for defrauding MMTC Limited in purchase of gold bullion under buyer’s credit scheme.
According to the ED officials, Sukesh Gupta in active connivance with few officials of MMTC Hyderabad had continuously lifted gold without forex cover and without adequate security deposits and his dues were consistently misreported to the MMTC head office.
Without squaring off the existing losses, his firms continued lifting more and more gold from MMTC for their personal gain and this ultimately caused a loss of public money to the tune of Rs 504.34 crore to the MMTC.
Moreover, Sukesh Gupta had colluded with various officers of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting gold to carry on its business as usual which resulted in MMTC ultimately incurring a “massive” loss.
He also entered into an OTS (one time settlement) with MMTC in 2019. However, MMTC confirmed that Sukesh Gupta did not comply the OTS conditions and the OTS has failed.
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