CA discharged in Torres Jewellers ponzi scheme money laundering case due to lack of evidence
Gupta, who claimed to be a whistleblower, was named by the
Enforcement Directorate
(ED) as an accused in its chargesheet in the Rs 177 crore money laundering case connected to the Torres Jewellers Ponzi scheme case. "Therefore, considering the limited role assigned against the accused…, it shows that there are no sufficient grounds for proceeding against the accused…for offence under section 3 of the PMLA," the special judge RB Rote said.
Taking cognisance of the prosecution's complaint against 12 other accused, the judge said that the evidence prima facie shows that there are sufficient grounds for proceeding against them. The judge summoned the accused.
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Defence advocate Mithilesh Mishra submitted that Gupta, in his capacity as statutory auditor, neither participated in nor had knowledge of any alleged money laundering activities. It was further argued that the prosecution failed to produce any prima facie evidence to indicate his active involvement in the purported offence.
The ED filed a complaint alleging that Platinum Hern Pvt Ltd (PHPL), also known as Torres Jewellery, orchestrated a large-scale financial scam. The company is accused of luring investors with promises of exceptionally high weekly returns, ranging from two to nine percent on investments in gold, silver, diamonds, and precious gemstones. They also offered "Investment Bonuses" of 20% for new investor referrals, creating a chain-like system.
Investigations allegedly revealed that PHPL marketed synthetic moissanite stones, valued at approximately Rs 230, as high-value investments, despite customers paying significantly more (e.g., Rs 6240). The ED stated that the company reinforced the false narrative of high returns by providing weekly bonuses. Further deceptive practices included the failure to disclose foreign directors' identities, using unlicensed lucky draws, and unregulated advertising on platforms like Instagram and WhatsApp.
The ED's investigation, initiated based on multiple FIRs from various police stations in Mumbai and Thane, uncovered that PHPL did not possess the necessary licences to accept public deposits. The total proceeds of crime identified in the complaint amounted to Rs 177 crore. During the course of the investigations, the ED conducted search and seizure operations, attaching proceeds of crime worth Rs 1.75 crore. Among the accused are Platinum Hern Pvt Ltd and Torres Jewellery.
Alpesh Khara, alleged hawala entry operator, is allegedly responsible for converting cash into USDT cryptocurrency for PHPL's management. He is also accused of handing over cash collected from customers to others to purchase USDT. Sagar Mehta, a cash handler, Oleksandr Zapichenko alias Alex, and Olena Stoian, Ukrainian nationals, are allegedly responsible for the incorporation of PHPL in India. Another Ukrainian national, Viktoria Kovalenko, director of PHPL, is alleged to have maintained a secret identity.
Among other officials of the company are director Sarvesh Surve, CEO Tausif Reyaz alias John Carter, and general manager Tazagul Khasatova alias Tanya. Other accused include Lallan Singh, who allegedly routed cash through banking channels and introduced it into PHPL's books as 'loans' or 'investments' through his proprietary concerns, including Miracle, M/s Sunil Restaurant & Bar, Mulund Online Services, and Prisah Finance. Astrozen Pharma Pvt Ltd and Prisah Advisory Pvt Ltd, both companies linked to Singh, are also accused in the case.
The judge found sufficient prima facie evidence against these accused, noting their direct or indirect involvement in the concealment, possession, acquisition, or use of proceeds of crime.
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