ED Arrests Musaddilal Gems and Jewels Director Sukesh Gupta, Seizes Rs 149-cr Jewellery Stocks

Enforcement Directorate (ED)  arrested MBS Jewellers, Musaddilal Gems & Jewels Director Sukesh Gupta, said a statement from the agency on Thursday. Jewellery stocks worth more than Rs 149 crore have been seized by the agency after it raided Hyderabad-based two gems and jewels groups as part of a money laundering probe linked to alleged cheating with MMTC, a public sector enterprise.

The searches were launched against MBS Jewellers Pvt Ltd, Musaddilal Gems and Jewels India Pvt Ltd, and their directors Sukesh Gupta and Anurag Gupta on October 17 at five locations in Hyderabad and Vijayawada in Andhra Pradesh.

The seizure includes jewellery stocks of Rs 149.10 crore and a cash amount of Rs 1.96 crore, the ED said in a statement issued on Thursday.

Sukesh Gupta was subsequently arrested by the federal agency on October 18 and a special Prevention of Money Laundering Act (PMLA) court, a day later on October 19, sent him to 14 days judicial custody, the ED said.

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.

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