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The Directorate of Enforcement has raided various locations of MBS Group of companies and Musadddilal Jewellers located in Telangana and Andhra Pradesh, official sources said.According to the sources, the enforcement agency has conducted raids at 20 places in Telangana and Andhra Pradesh, including Hyderabad.The raids have been conducted in connection with money laundering and Foreign Exchange Management Act (FEMA).The MBS group and its director Sukesh Gupta and sister companies had obtained gold from MMTC on credit to maintain forex positions without paying an additional five per cent tax thereby causing loss to the corporation, the official said.In 2014, the Directorate of Enforcement registered cases based on an FIR filed by the CBI.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Sukesh gupta, Latest News

National :Kolkata: ED conducts raid in e-nuggets app case, huge cash recovered from businessman's residence

A team of the Enforcement Directorate (ED) conducted raid at office of a businessman namely, Umesh Agarwal in the Ultadanga area, Kolkata. Accusing him of an alleged connection with the e-Nuggets app case. ...

National :MBS Jewellers Director sent to judicial custody in money laundering case

Hyderabad, Oct 19 A city court on Wednesday sent MBS Jewellers director Sukesh Gupta to judicial custody till ... ...

Business :ED raids MBS Group, Musadddilal Jewellers in Telangana, Andhra Pradesh

The Directorate of Enforcement has raided various locations of MBS Group of companies and Musadddilal Jewellers located in Telangana and Andhra Pradesh, official sources said. ...