The present study uncovers the hyperchaotic dynamical behavior of the famous Murali-Lakshmanan-Chua (MLC) circuit, when suitably modified. In the conventional MLC oscillator, an inductor is introduced in parallel between the nonlinear element and the capacitor. Many novel and interesting dynamical behaviors such as reverse period-3 doubling, torus breakdown to chaos and hyperchaos, etc., were observed. Characterization techniques includes spectrum of Lyapunov exponents, one parameter bifurcation diagram, recurrence quantification analysis, correlation dimension, etc., were employed to analyze the different dynamical regimes. Explicit analytical solution of the model is derived and the results are corroborated with the numerical outcomes.