Latest news with #AbhishekGupta
Hindustan Times
31-07-2025
- Business
- Hindustan Times
Special court refuses to proceed against auditor Abhishek Gupta
MUMBAI: A special PMLA (Prevention of Money Laundering Act) court has refused to initiate legal proceedings against Abhishek Gupta, the chartered accountant who claims to be the whistle-blower in the multi-crore Torres Jewellery fraud. While refusing to issue process against Gupta, the court observed that there was no material to indicate his involvement in any activity connected to the proceeds of crime. Mumbai, India. Jan 07, 2025: Investors gathered in large numbers outside the office of Torres Jewellers in Dadar, Mumbai, demanding the return of their principal amounts after the company failed to pay the promised returns on its investment schemes. The Mumbai police booked the company's directors for committing multi-million fraud. Mumbai, India. Jan 05, 2025. (Photo by Raju Shinde/HT Photo) (Hindustan Times) The court, on Tuesday, issued process against the remaining 12 individuals and entities named in the chargesheet by the Enforcement Directorate, which has estimated the fraud at ₹177.11 crore. 'Accused No 10, the auditor, appears to have reported the irregularities and non-compliance in his audit report,' observed special sessions judge RB Rote. Considering his limited role, the court said there are insufficient grounds to proceed against Gupta. Advocate Mithilesh Mishra, representing Gupta, submitted before the court that he had neither participated in nor had knowledge of any alleged money laundering activities. Being a statutory auditor, he had reported the irregularities and non-compliance in the audit report, argued the lawyer. Torres Jewellery, whose holding company was Platinum Hern Pvt Ltd, had lured small investors to buy into its fraudulent investment schemes by selling low-value, synthetic moissanite stones as high-value gemstones. It promised exaggerated returns on its investment schemes, using misleading advertisements, fake bonuses and a Ponzi scheme to entice potential victims. The ED alleged that Gupta had failed to timely report the irregularities in the audit report to the relevant authorities. This shows that he facilitated the management of the illegal business, the agency said. The ED filed its chargesheet on May 22, against 13 individuals and entities. It had found codes, software applications and instant messaging that the accused had used to communicate with each other, move money around, and transfer large sums to the masterminds. The key accused in the case are: Alpesh Khara, Sagar Mehta, Oleksandr Zapichenko alias Alex, Olena Stoian, Victoria Kovalenko, Tazagul Khasatova alias Tanya, Lallan Singh, Tausif Reyaz, Abhishek Gupta and Savesh Surve. The fraud surfaced on January 6, when investors learnt that the Ukranians who ran the Torres Jewellery stores had fled the country with their money. Soon, police in various places in the Mumbai Metropolitan Region and in Navi Mumbai registered separate cases against the jewellery store chain, the holding company, its promoters and key managerial executives.
Time of India
30-07-2025
- Business
- Time of India
CA discharged in Torres Jewellers ponzi scheme money laundering case due to lack of evidence
Mumbai: Observing that there is no evidence to indicate that he was actually involved in any process or activity connected with the proceeds of crime, a special PMLA (Prevention of Money-Laundering Act, 2002) court on Tuesday discharged the chartered accountant and statutory auditor Abhishek Gupta. 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. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai 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.
Indian Express
30-07-2025
- Business
- Indian Express
Torres scam: Court discharges CA named as accused by ED
A Chartered Accountant, who was pegged as the alleged 'whistleblower' of the Torres Ponzi scheme case by the Mumbai Police, while being named as an accused by the Enforcement Directorate, has been discharged by a special court on Tuesday. The court said that in the absence of sufficient grounds, the case against Abhishek Gupta cannot proceed. It took cognizance against 12 others, including the company, Platinum Hern, which was running the scheme and the Ukrainian nationals arrested in the case. The ED has filed a chargesheet in the case against 13 in May after the Economic Offences Wing of the Mumbai Police filed a case of cheating for allegedly duping investors. The ED named Gupta as one of the accused claiming that he had failed to report financial irregularities in a timely and proactive manner, even while he claimed to have disclosed it in his audit report. Gupta's lawyer Mithilesh Mishra argued before court that as a statutory auditor, he had neither participated nor had knowledge of any alleged money laundering activities and that there was no evidence to show his active involvement in transfer of any illicit funds. The lawyer also cited a case where the Bombay high court has discharged a CA from money laundering charges. 'There is no material/evidence to indicate that accused No.10 (Gupta) is actually involved in any process or activity connected with the proceeds of crime. Therefore, considering the limited role assigned against accused No.10 and the ratio laid down in the above cited authority, it shows that there are no sufficient grounds for proceeding against accused,' special judge R B Rote said. The court said the documents show that the other accused named in the ED chargesheet were involved in directly or indirectly dealing with the proceeds of crime. Another accused, Tazagul Khasatova, who is arrested in the case, said that she was merely an employee on remuneration and has no role in the crime. The court, however, said that there was prima facie involvement of the other accused in various roles. The ED claims that the accused lured investors through showrooms under the brand name Torres, promising them high and unsustainable returns for a period of 52 weeks but stopped paying earlier this year, following which the complaint was filed.
Hindustan Times
17-07-2025
- Hindustan Times
Man beaten, dragged into car from crowded bus stand in UP's Etah
A man was kidnapped and dragged in a car near a busy bus stand in Uttar Pradesh's Etah on Thursday as passersby watched in silence. The disturbing scene was caught on CCTV camera, and the video went viral on social media. The victim, identified as Abhishek Gupta, was ambushed, dragged, and shoved into the car by a group of men.(X) The victim, identified as Abhishek Gupta, was ambushed, dragged, and shoved into a Baleno car by a group of men. The chilling footage shows Gupta standing by the roadside, calmly using his phone as a black Baleno car approaches and gets parked a few metres away. Also Read | Gunmen storm Patna hospital, kill murder convict on parole Within seconds, a man walks up behind him, throws a belt around his neck like a noose, and begins dragging him toward the parked vehicle as onlookers watch the act unfolding on a busy road. The initial attacker is soon joined by two other men who leap out of the car. Another man, wearing an orange shirt, rides up on a motorcycle, gets off, and slaps the struggling victim multiple times as they all force him into the car. Also Read | Elderly man killed in Gurugram after argument over rash driving; accused held Gupta resists, but the four men overpower him and drive off. The video shows the abduction taking place in full public view. According to NDTV, the report of the crime prompted swift action from UP police, who, after receiving a call about the incident, chased the accused and managed to rescue the victim. Abhishek Gupta was then taken to a hospital. Also Read | Nimisha Priya case: Victim's family in Yemen demands 'God's Law in Qisas'. What does it mean? The police said that Abhishek's kidnapping was orchestrated by a local goon, Aanshu Gupta, over an old personal dispute with the victim. Two of the accused have been arrested so far. Senior Superintendent of Police (SSP), Etah, Shyam Narayan Singh, told NDTV that the police have arrested two kidnappers in this case. Necessary action is being taken by filing a case, he said.
Time of India
11-07-2025
- Time of India
Manav Bharti fake degree scam: ED attaches Rs 1.7cr assets
Shimla: The Directorate Of Enforcement (ED) here has provisionally attached seven immovable properties worth Rs 1.74 crore as proceeds of crime belonging to the accused commission agents, Abhishek Gupta, Himanshu Sharma, and Ajay Kumar, under the Prevention of Money Laundering Act, 2002, in the fake degree scam case involving Manav Bharti University, Solan. The properties are located in Bihar, Delhi, Uttar Pradesh, and Haryana. The ED had initiated the probe based on three FIRs registered by Dharampur police station in Solan district. The total attachment of properties in the case currently stands at nearly Rs 202 crore, and further investigation is in progress, said an ED official. It came to the fore during the investigation that Raj Kumar Rana, president of Manav Bharti University, in connivance with other co-accused individuals, including commission agents, was engaged in the large-scale sale of fake degrees issued in the university's name. The commission agents facilitated contact between prospective buyers and university authorities, receiving a percentage of the proceeds from the illegal sales as commission, said the official. The proceeds of crime generated from the sale of fake degrees were quantified at Rs 387 crore. These illicit proceeds were subsequently used by Rana and his associates to acquire movable and immovable properties across multiple states, the official added.
