New Delhi, Oct 20 : The Enforcement Directorate (ED) on Thursday said it has recently conducted a search operation on the premises of MBS Jewellers Private Limited, Musaddilal Gems & Jewels India Private Limited, its director Sukesh Gupta and Anurag Gupta in Hyderabad and Vijaywada, and seized jewelleries worth Rs 149.10 crore and Rs 1.96 crore in cash. The action was taken by the ED in course of its probe into a money laundering case. Sukesh Gupta was arrested by the ED on October 18. He was presented at the Special PMLA Court at Nampally, Hyderabad, and sent to 14-day judicial custody. The ED initiated investigation on the basis of the FIR registered by the CBI, ACB, Hyderabad against Gupta and his companies for defrauding MMTC Limited (a Public Sector Enterprise) in purchase of bullion under Buyer's Credit Scheme. Gupta in active connivance with few officials of MMTC Hyderabad, had continuously lifted gold without forex cover and without adequate security deposits, and his dues were consistently mis-reported to the MMTC Head Office and without squaring off the existing losses, his firms continued lifting more and more gold from MMTC for their personal gain and thereby, ultimately caused a loss of public money to the tune of Rs 504.34 crore to MMTC. The CBI has already filed a chargesheet against Gupta and others. During ED investigation, it was found that Gupta colluded with various officials of MMTC Hyderabad and painted a wrong picture of his account and kept on lifting more & more gold to carry on its business as usual and MMTC ultimately suffered a massive loss. Sukesh Gupta also entered into an OTS (one time settlement) with MMTC in 2019. However, MMTC confirmed that Sukesh Gupta did not comply the OTS conditions and the OTS has failed. /IANS