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 )
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