ED imposes ₹222-cr fine on Hyderabad-based MBS Jewellers

The Enforcement Directorate (ED) has imposed a penalty of ₹222 crore against Hyderabad-based MBS Jewellers and a ₹22 crore fine on its director Sukesh Gupta. The fines have been imposed for violation of Foreign Exchange Management Act (FEMA) and exporting diamonds to Hong Kong. Both the fines have to be paid within 45 days, ED added.