M.B.S Jewelers Director Sukesh Gupta, wife booked in a Rs 110 Cr loan fraud

By Coreena Suares  Published on  21 March 2020 3:47 AM GMT
M.B.S Jewelers Director Sukesh Gupta, wife booked in a Rs 110 Cr loan fraud

Hyderabad : Central Crime Station Police booked M.B.S Jewelers director Sukesh Gupta in an alleged loan fraud to the tune of Rs 110 Crore. The Hyderabad cops have launched a manhunt against the accused. On Friday, the CCS sleuths received a tip off, that Sukesh Gupta was present at the residence of former CEO and founder of TV-9 Channel Ravi Prakash at Banjara Hills. However after an intense search, the accused is alleged to give the cops a slip.

Acting on a complaint filed by E. Venu Gopal, associate Vice President of M/s SREI Equipment Finance Limited, the CCS police-Hyderabad booked a case against the M.B.S Jewelers Director.

Sources said Sukesh and Neethu Guptha, who are partners of Aashi Realtors-Basheerbagh and two directors of Maharashtra based Neeharika Infrastructure Private Limited, Ravichandran Colankuduru, Suresh Kumar Patlacheruv had approached Gopal’s company for Rs 110 crores loan.

The parties agreed to mortgage two immovable assets including a plot of land located at Hafeezpet of Hyderabad. The borrowers also mortgaged Nazri Bagh palace located in King Koti. They agreed that the loan amount would be paid in 5 installments on 5th day of each quarter commencing October 5.

But, as per the complainant, the accused failed to pay the installments even after repeated reminders. This forced the company to initiate proceedings under SARFAESI act and auction the first asset for Rs 102 .66 crore.

Since the lenders could not recover the dues, they decided to auction the second property only to find out that accused Sukesh Gupta in connivance with others had sold it to M/s IRIS Hospitalities Private Limited.

The CCS police registered a case under section 420 (cheating), 406 (punishment for criminal breach of trust) and 34 of IPC. The case is under investigation.

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