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CBI arrests jeweller, MMTC official
CBI Arrests Jeweller, MMTC Official. Officials of the anti-corruption wing of the CBI arrested city-based Musaddilal Bhagwat Swaroop (MBS) Jewellers owner Sukesh Gupta and a senior official of the Mineral and Metal Trading Corporation (MMTC) K Ravi Prasad for alleged irregularities in gold imports and default of payment worth over Rs 200 crore.
Irregularities in import of gold
Hyderabad: Officials of the anti-corruption wing of the CBI arrested city-based Musaddilal Bhagwat Swaroop (MBS) Jewellers owner Sukesh Gupta and a senior official of the Mineral and Metal Trading Corporation (MMTC) K Ravi Prasad for alleged irregularities in gold imports and default of payment worth over Rs 200 crore.
The irregularities noticed were pertaining to gold imports for the year 2010-11. Besides this, Sukesh Gupta was held responsible for payment defaults to the state-owned MMTC. Gupta and Prasad were produced before the CBI Court which sent them to judicial custody till January 9. The court also remanded them to CBI custody for five days.
Cheques given by Sukesh Gupta to the MMTC had bounced due to lack of funds in his account, the CBI officials said. One of the promoters of MBS was earlier questioned by the CBI in connection with the disproportionate assets case involving YSR Congress president YS Jaganmohan Reddy.
In March 2010, the MBS group, which had four showrooms in Hyderabad and one each in Vijayawada and Visakhapatnam, had come under the scanner of Income Tax department. A search was conducted in the outlets and incriminating documents seized. Sources said that the scrutiny of the documents seized had left the IT department puzzled.
