Hyderabad. The Enforcement Directorate has filed a chargesheet in an alleged ₹549 crore fraud linked to gold bullion transactions involving MMTC Limited. A special court in Hyderabad has taken cognisance of the prosecution complaint filed by the agency, which alleges financial irregularities, fund diversion and misuse of the Buyer’s Credit Scheme.
Gold Bullion Supply Under Scanner
According to investigators, the case involves companies including MBS Jewellers Pvt Ltd and Mussadilal Gems & Jewels (India) Pvt Ltd. Businessman Sukesh Gupta has been identified by the agency as the alleged mastermind behind the network.
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The investigation originated from a CBI FIR. The accused companies allegedly procured large quantities of gold bullion from MMTC Limited under the Buyer’s Credit Scheme, which requires companies to maintain foreign exchange cover and deposit additional security margins.
Forex Cover and Margin Money Allegedly Not Maintained
The ED has alleged that after receiving gold bullion, the companies failed to maintain the required forex cover and did not deposit the additional five percent margin money. Investigators claim this caused losses of nearly ₹549.06 crore to MMTC.
The agency further alleged that despite large outstanding dues, the group continued receiving additional gold supplies. Investigators suspect that the companies misrepresented their financial position and concealed liabilities to obtain fresh consignments.
Fund Diversion Through Group Companies Probed
According to the ED, the accused entities sold gold bullion and jewellery in the market and diverted the proceeds through multiple group companies, associates and business entities. Investigators are tracing the movement of funds across companies, bank accounts and investment channels.
Forensic examination of bank accounts, forex transactions, financial records and digital business documents has been conducted. Agencies suspect that complex layering methods were used through interconnected corporate structures to conceal the ultimate beneficiaries.
The special court will now continue hearing the matter. Investigators are also examining whether additional beneficiaries and financial networks linked to the alleged scam are yet to be uncovered.
