ED seizes Rs 100-cr worth gold, diamonds from MBS, Musaddilal Jewellers

HYDERABAD: More than RS 100 crore worth of gold and diamonds were seized during the searches by the Enforcement Directorate (ED) at MBS and Musaddilal Jewellers showrooms here. The searches, which began early Monday, concluded on Tuesday. Around Rs 50 crore worth of property was also reportedly unearthed from the alleged benamis of Sukesh Gupta and Anurag Gupta, the directors of the two jewellery business groups.

As a fallout of the ED action, the Hyderabad, Vijayawada and Guntur branches of the MBS and Musaddilal have been closed down. Reportedly, Anurag Gupta and Sukesh Gupta were booked for illegal possession of large amounts of golds, diamonds and other jewels.

However, this is not the first time that the MBS jewellers and Sukesh Gupta have come under the ED scanner. Earlier, the directors of the two showrooms were booked in 2021 under several provisions of the Prevention of the Money Laundering Act (PMLA).