New Dellhi (28.08.2021): The Enforcement Directorate (ED) has attached forty-five immovable properties of MBS Jewellers Private Ltd, MBS Impex Private Ltd, Sukesh Gupta, Anurag Gupta, Neetu Gupta, Vandana Gupta and their other group entities in a money laundering case linked to an alleged financial fraud against public sector enterprise Metals and Minerals Trading Corporation Ltd (MMTC). Properties attached under the Prevention of Money Laundering Act has a net worth of Rs 363 crore. The case against the accused was made out on the basis of a Hyderabad CBI Anti-Corruption Bureau FIR and charge sheet filed in 2014 against Sukesh Gupta and others for defrauding MMTC Ltd in the purchase of gold bullion under the buyer's credit scheme. Sukesh Gupta, in active connivance with few officials of MMTC Hyderabad, continuously lifted gold without forex cover and without adequate security deposits. The ED alleged, "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 May 31, 2021 of Rs 277.52 crore) to the MMTC." 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 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.
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ED: 45 properties attached in a fraud against MMTC
By IndianMandarins - 2021-08-28 22:52:00
New Dellhi (28.08.2021): The Enforcement Directorate (ED) has attached forty-five immovable properties of MBS Jewellers Private Ltd, MBS Impex Private Ltd, Sukesh Gupta, Anurag Gupta, Neetu Gupta, Vandana Gupta and their other group entities in a money laundering case linked to an alleged financial fraud against public sector enterprise Metals and Minerals Trading Corporation Ltd (MMTC).
Properties attached under the Prevention of Money Laundering Act has a net worth of Rs 363 crore. The case against the accused was made out on the basis of a Hyderabad CBI Anti-Corruption Bureau FIR and charge sheet filed in 2014 against Sukesh Gupta and others for defrauding MMTC Ltd in the purchase of gold bullion under the buyer's credit scheme. Sukesh Gupta, in active connivance with few officials of MMTC Hyderabad, continuously lifted gold without forex cover and without adequate security deposits.
The ED alleged, "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 May 31, 2021 of Rs 277.52 crore) to the MMTC."
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 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.
