Hyderabad: The Enforcement Directorate (ED) has imposed a penalty of Rs 222,44,51,324 on MBS Jewellers Private Limited and Rs 22,24,45,132 penalty on its managing director Sukesh Gupta charging them with violation of the Foreign Exchange and Management Act (FEMA).
Sources in ED said MBS Jewellers Private Limited was accused of exporting diamonds to Hong Kong in violation of norms. In an order, the ED said MBS Jewellers Private Limited was guilty of violation of FEMA to the extent of US$ 41,123,963.29 and imposed the penalty. The penalties should be paid through a Demand Draft within 45 days.
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