Torres Ponzi scheme: Rs 177 crore laundered by Ukrainians masterminds, Mumbai hawala operator, says ED
As many as 14,157 investors from across Mumbai and neighbouring districts lost nearly Rs 150 crore between January and December 2024 to the alleged Torres fraud run by Platinum Hern Pvt Ltd company, which was operated by Ukrainian masterminds. In March, the Economic Offences Wing (EOW) also filed a 27,134-page chargesheet in the matter.
According to the sources, the ED chargesheet states that Platinum Hern Pvt. Ltd is accused of running a fraudulent investment scheme by selling low-value synthetic moissanite as high-value gemstones, promising exaggerated returns and using misleading advertisements, fake bonuses, and a referral system resembling a Ponzi scheme.
Investigation conducted so far revealed that the key persons involved in this case are Alpesh Pravinchandra Khara (alleged hawala operator), Sagar Paresh Mehta, Oleksandr Zapichenko alias Alex, Olena Stoian, Victoria Kovalenko, Tazagul Khasatova alias Tanya, Lallan Jamedar Singh, Tausif Reyaz, Abhishek Gupta and Savesh Ashok Surve.
The ED tried to quantify the scam by analysing the computer systems, logs, records, and other conversations between the accused over chatting apps. 'Based on the currently available evidence, the total proceeds of crime identified as on the date of filing the case was estimated to be Rs 177.11 crore,' said a source.
Investigation also revealed that alleged hawala operator Alpesh Khara played a critical role in aiding and assisting one of the two masterminds—Oleksandr Zapichenko alias Alex—in converting the cash collected from the customers (investors) into cryptocurrency USDT, which was then credited to digital wallets associated with individuals known to Alex.
The ED made inquiries with crypto platforms and confirmed Khara's account with various crypto platforms, though it showed limited activity, indicating the use of proxy wallets to conceal identities and traceability.
Alex and other accused Olena Stoian are the key architects of the financial structuring and laundering operations of Platinum Hern Pvt Ltd. From providing initial capital through illicit means to orchestrating the conversion and reintroduction of unaccounted cash as legitimate investment, Alex systematically facilitated the concealment of proceeds of crime. Their direct involvement in converting the cash deposits of customers into cryptocurrency and settling large cash transactions further underscores their central role in the money laundering network, said the ED chargesheet.
Accused Lallan Jamedar Singh helped the accused with accommodation entry services.
Whistleblower also made accused
The ED filed the chargesheet against 13 people and entities, including accused CA Abhishek Gupta who claimed to be the whistleblower of the case. Gupta, after internally flagging the financial irregularities, had sent the details via emails to various law enforcement agencies, highlighting the criminal financial irregularities. When the matter surfaced, Torres operators from undisclosed locations were sending messages to the investors claiming Gupta was the brain behind the scam.
However, Gupta regularly presented himself before the police and assisted them in the probe.
He had also approached the Bombay High Court seeking protection from any coercive action. The high court considered his plea and instructed EOW to form a SIT to probe the FIR. The EOW officials too considered him the whistleblower in the case and refrained from filing charges against him in their chargesheet. Infact, they have made him a star witness in the case.
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