149 crore jewelry, 1.96 crore cash … In 2022, when the Central Enforcement Directorate (ED) seized it, the matter came into the limelight at the national level. Nearly two and a half years after the recovery of crores of jewelery and cash, the ED has now presented a charge sheet in this case. The case is from Haradabad. Where on Tuesday, the Hyderabad Zonal Office of the Enforcement Directorate has filed a charge sheet against MBS Jewelers Private Limited, Mussaddilal James and Jewels (India) Private Limited, Sukesh Gupta, Anurag Gupta, Karri Ravi Prasad and Valluri Mohan Rao under Money Laundering in Hyderabad.
504.34 crore was reduced to the loss
The court took cognizance of this charge sheet on 1 March 2025. The ED launched this investigation on the basis of FIR lodged by CBI Hyderabad’s Anti -Corruption Branch. In this FIR, it was alleged that Sukesh Gupta and his companies caused a loss of Rs 504.34 crore to the public sector company MMTC Limited under the Buyers Credit Scheme.
5% margin money not paid
After completing the investigation of the case, the CBI filed a charge sheet against Sukesh Gupta and others. ED investigation revealed that Sukesh Gupta used his companies to procure gold from MMTC Limited and kept the forex position open under the buyers credit loan. But additional 5% margin money did not pay.
Gold kept raising instead of paying dues
He conspired with MMTC officials and others and continued to mislead MMTC. MMTC should not have supplied new gold to its companies, until the old dues are paid. However, instead of repaying the arrears, he continued to lift more gold by giving wrong financial information and in collusion with the authorities.
Gold bulls bought from the company sold
The ED investigation also revealed that Sukesh Gupta and MBS Group companies sold gold bullion and jewels purchased to customers and diverted and rigging the money received through many companies and directors. The ED had earlier raided Sukesh Gupta’s house and the bases of his companies on 16 October 2018, 12 July 2019 and 17 October 2022.
363.50 crore assets attached
On October 17, 2022, in the raid on Sukesh Gupta’s house and the bases of his companies, the ED seized jewelry worth Rs 149.10 crore and Rs 1.96 crore in cash. Apart from this, on 26 August 2021, ED attached assets worth Rs 363.50 crore. The ED is investigating the matter deeply and is investigating other properties and aspects related to money laundering.
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