ED slaps Rs 222 crore hefty fine on MBS Jewellers, highest fine in ED’s history

03-11-2020 Tue 14:59

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.


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