ED slaps Rs 222 crore hefty fine on MBS Jewellers, highest fine in ED’s history
The Enforcement Directorate (ED) slapped a hefty fine of Rs 222 crore on the MBS Jewellers for exporting diamonds to a Hong Kong-based firm by violating the Foreign Exchange Management Act (FEMA). The ED also directed the company’s chairman Sukesh Gupta to pay Rs 22 crore as a fine in his personal capacity.
Based on the documents produced by Sukesh regarding the export of diamonds, the ED registered a case under the FEMA Act. In ED’s history, the fine slapped on the MBS Jewellers is the highest. There are chances that Sukesh might approach the concerned court.