SUKESH GUPTA Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The petitioner is questioning the ongoing investigation by Enforcement Directorate, Hyderabad in ECIR/05/HYZO/2014.

(2.) A criminal complaint was registered by the CBI under Sec. 13 of the Prevention of Corruption Act against this petitioner and others on 3/1/2013. Thereafter, the company of the petitioner filed arbitration application and also MMTC filed civil suits. On 25/2/2014, present ECIR/05/HYZO/2014 was registered under Sec. 3 of Prevention of Money-Laundering Act, 2002 on the basis of FIR that was registered by CBI.

(3.) The crux of the allegation is that the petitioner being Director of MBS group of companies, received gold from MMTC on buyers Credit loan basis by keeping the forex position open. On account of the rupee fluctuation, lowering the value of the rupee, the petitioner was liable to pay additional 5% margin money in accordance with the MOU. According to MMTC, the company suffered a loss to the tune of Rs.220.00 Crores. CBI in its charge sheet alleged that this petitioner entered into criminal conspiracy with public servants of MMTC and received gold.