Hyderabad: ED Conducts Searches at MBS Jewellers

Hyderabad: The Enforcement Directorate (ED) conducted searches at MBS Jewellers following the allegations of money laundering and FEMA violations. It has been reported that 20 teams of the agency started the searches at the MBS jewellery outlet early in the morning. 

Earlier, a case was registered against MBS for irregularities in purchases and defrauding MMTC Ltd in gold purchases under the buyer credit scheme. The agency reportedly found irregularities to the tune of  504 crore. ED attached 363 crore worth of its assets last year.

ED received several complaints against the MBS Jewellery for committing the same offence again. Preliminary inquiry revealed that MBS issued fake invoices against purchasing gold and diverted money to other platforms. ED seized hard disks and account books from MBS.

On the other hand, ED also conducted searches at Musaddilal Gems and Jewels located at Errum Manzil and seized gold and diamond from the outlet.

Also Read: Money Laundering Case: ED Attaches Assets Worth Rs 80.65 crore of TRS MP Nama Nageshwar Rao