HYDERABAD: Justice K. Surender of the Telangana High Court on Monday directed Sukesh Gupta of MBS Jewellers Group to appear before the Enforcement Directorate (ED) on Wednesday, in relation to a probe into the alleged defrauding of Mines and Minerals Trading Corporation (MMTC) in the purchase of gold bullion under the buyer’s credit scheme.
Additional solicitor general A.R.L. Sundaresan urged the court to vacate the stay because ED wanted to examine the veracity of the information furnished by Gupta. The blanket stay ordered by the court is proving detrimental to the laundering probe, he said.
According to MMTC, the company has suffered a loss of Rs 220 crores because of the fraud committed by Sukesh Gupta, after allegedly entering into a criminal conspiracy with some corrupt MMTC employees and receiving gold bypassing all legal guidelines. His dues were regularly misreported and without squaring off the existing losses, his companies continued to lift gold from MMTC for personal gains, it was alleged.
