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Hindustan Times
4 days ago
- Business
- Hindustan Times
Torres fraud: Mapping the money trail
MUMBAI: The money laundering investigation into the Torres Jewellery fraud has revealed how the key accused used codes, software applications and instant messaging to communicate with each other, move money around, and transfer large sums to the masterminds. 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 also promised exaggerated returns on its investment schemes, using misleading advertisements, fake bonuses and a Ponzi scheme to entice potential victims. The Enforcement Directorate (ED), which on May 22 charge sheeted 13 individuals and entities in the case, has estimated the fraud at ₹177.11 crore, relying on evidence or records that relate to Platinum Hern's finances and accounts, including transactions of its main showroom in Dadar, one of its five showrooms in the Mumbai Metropolitan Region (MMR). 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. They have been booked under sections relating to cheating and criminal breach of trust of the Bharatiya Nyaya Sanhita (BNS); the Maharashtra Protection of Interest of Depositors Act, and the Banning of Unregulated Deposit Schemes Act. Platinum Hern allegedly collected unauthorised cash deposits without the approval of the Reserve Bank of India (RBI), showing only ₹2.10 crore in its bank accounts, the ED said in its chargesheet. The ED's investigation also revealed that Platinum Hern had developed an internal software domain, called ' All the senior cashiers in all the Torres showrooms, along with employees and key managerial staff, were given access with a user ID and password. The software was allegedly used to store details of banking transactions, incoming cash and encashment transactions. It was also designed to facilitate encashment through a unique code-based authentication system, according to ED sources. The codes were allegedly sent to individuals desiring cash encashment through Telegram, an instant messaging app, according to the ED. An investigation into the unique codes revealed the alleged existence of a Telegram group named 'Cash Counter 1', through which the management used to send specific codes to authorise cash disbursements. However, this Telegram group has been deleted by the administrator, rendering the data irretrievable, according to the ED. The investigation also revealed that daily reports sent by senior cashiers to management to track daily sales, income and expenses, including the delivery of cash to specific persons, were found in another alleged Telegram group called 'Record to Report', where senior cashiers of Dadar showroom were members. The information shared within this group, did not cover all working days of a week but was confined to a few specific dates. Further, WhatsApp chats among a few accused persons and the Dadar showroom cashiers allegedly consistently used the term 'Code 2' as an internal trigger for cash pick-ups, the ED's probe found. The alleged chats were for the purpose of collection of cash from the showroom at the behest of the management of Platinum Hern. According to the ED, two key accused, both Ukrainians – Oleksandr Zapichenko alias Alex and Olena Stoian – were the key architects of the financial structuring and laundering operations. Both have fled the country. Another accused, Alpesh Khara, allegedly helped Alex convert the cash collected from customers into a cryptocurrency called 'USDT', which was then credited to digital wallets associated with individuals known to Alex. Another accused, Lallan Singh, through his proprietary concerns, allegedly transferred over ₹13 crore to bank accounts of Platinum Hern as fake investments, after accepting cash from Alex, which was generated through a co-accused against crypto-currency. 'His role was central in laundering illicit funds and creating a false front of legitimate business activity for the company,' an ED source said. He added that the agency is making continued efforts to trace further proceeds of the crime.
Time of India
4 days ago
- Business
- Time of India
‘Torres staff used code-based system to divert 177cr funds'
Mumbai: A specialised internal software system utilised by Torres Jewellery's senior cashiers and essential staff operated through code-based authentication and thus diverted Rs 177 crore collected through their outlets from customers with expectations of higher figures, said an Enforcement Directorate chargesheet in the Platinum Hern (Torres Jewellery) case The ED said Torres' internal software recorded cash transactions using code-based verification, requiring customers at Mumbai outlets to use specific Telegram codes for cash withdrawal authorisation. Cashiers recorded payments following code verification. The company collected deposits without RBI authorisation, declaring only Rs 2.1 crore in bank accounts despite substantial unreported transactions. Torres Group's key personnel appropriated the funds for personal purposes, the ED said. The ED investigation showed an internal system accessible to senior cashiers and personnel with unique login credentials. The chargesheet is against Platinum Hern Pvt Ltd and several individuals including Alpesh Khara, Sagar Mehta, Oleksandr alias Alex, Olena Stoian, Viktoria Kovalenko, Sarvesh Surve, Tausif Reyaz alias John Carter, Lallan Singh, Abhishek Gupta, Tazagul Khasatova alias Tanya, and Astrozen Pharma and Prisah Advisory. Alex and Olena Stoian were identified as the principal designers of financial structuring and money laundering operations, providing initial funds through unlawful channels and enabling conversion of undocumented cash into apparently legitimate investments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 개수 제한 없는, 부담 없는 임플란트 개당 36만원 과잉진료 없는 치과 지금 예약 Undo Torres allegedly conducted a fraudulent operation, marketing synthetic moissanite as precious gems with unrealistic return guarantees. Their strategy included misleading advertisements, artificial bonuses and a referral system typical of Ponzi schemes. Mumbai showroom customers required Telegram-transmitted codes for cash collection. The 'Cash Counter 1' Telegram group issued these authorisation codes, according to the ED. The ED said daily reports from senior cashiers monitoring sales, income, and cash deliveries were discovered in the 'Record to Report' Telegram group, involving Dadar showroom personnel. The available information covered particular dates rather than all operational days. "Current evidence indicates proceeds of crime at Rs 177 crore with potential for increase as investigations continue." WhatsApp exchanges between Sagar Mehta, Aman, and Dadar cashiers used "Code 2" for cash collections. ED reported Alpesh Khara assisted Alex in converting customer cash to cryptocurrency.
India Today
10-05-2025
- Business
- India Today
ED busts hawala network in Torres Ponzi scam, seizes Rs 6.30 crore cash
The Directorate of Enforcement (ED), Mumbai Zonal Office conducted searches across Mumbai and Surat on May 9 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at four locations as part of the ongoing probe in the case of M/s Platinum Hern Pvt Ltd under the brand name "Torres Jewellery."ED initiated an investigation on the basis of a case registered by APMC Police Station, Vashi, Navi the investigation, it was revealed that M/s Platinum Hern Pvt Ltd had collected a huge amount of cash from its customers in lieu of the sale of Moissanite Diamonds and other jewellery. Instead of using the said cash for its legitimate business purposes, the cash in question was routed through hawala operators and later converted into USDT cryptocurrency. The accused, Alpesh Khara, not only facilitated the collection of huge cash from Torres showrooms across Mumbai on the instructions of Oleksandr Zapichenko alias Alex and Ms Olena Stoian, but also assisted them in the Khara was arrested by the ED on March 26, and he was taken into custody till April the investigation, it was revealed that Alpesh Khara was one of the franchise owners of a well-known Angadia entity with branches across India. Significant amounts of cash were routed through these Angadia branches, as well as through various other hawala also conducted searches at the premises of Angadias and hawala operators in Mumbai and Surat, who were involved in facilitating these hawala transactions. These operations led to the seizure of unaccounted cash amounting to Rs 6.30 crore, along with incriminating digital searches conducted in this case on January 23 had resulted in the freezing of bank accounts totalling Rs 21.75 crore, as well as the seizure of incriminating documents and digital InMust Watch IN THIS STORY#Mumbai#Surat
Time of India
10-05-2025
- Business
- Time of India
Torres case: Searches at angadias and hawala agents
Mumbai: Enforcement Directorate (ED) conducted searches at four locations in Mumbai and Surat at premises of angadias and hawala operators on Friday, investigating money laundering linked to the Platinum Hern Pvt Ltd ( Torres Jewellery ) fraud case. The searches yielded recovery of Rs 6.3 crore in undeclared cash from the operators who had aided in hawala transactions in both cities. Previously, ED had frozen bank accounts containing Rs 21.75 crore balance in this case. The investigation began following a case registered at APMC police station, probe shows that Platinum Hern Pvt Ltd collected cash from customers for Moissanite Diamonds and other jewellery sales. Instead of using the money for business, it was was channelled through hawala operators and converted to USDT identified an arrested accused, Alpesh Khara, as a crucial suspect. — Vijay V Singh
India Gazette
10-05-2025
- India Gazette
ED conducts raids in Mumbai, Surat; seizes Rs 6.30 crore in money laundering case
Mumbai (Maharashtra) [India], May 10 (ANI): The Enforcement Directorate (ED) on Friday carried out searches at four locations across Mumbai and Surat as part of its probe into M/s Platinum Hern Pvt Ltd (Torres Jewellery) under the Prevention of Money Laundering Act (PMLA), 2002. The investigation revealed large-scale Hawala transactions, leading to the seizure of Rs 6.30 crore in cash and incriminating digital evidence. As per an ED release, Directorate of Enforcement (ED), Mumbai Zonal Office conducted searches across Mumbai and Surat on May 9 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at 4 premises as a part of the ongoing probe in the case of M/s Platinum Hern Pvt Ltd under the brand name 'Torres Jewellery.' ED initiated an investigation on the basis of a complaint registered by the APMC Police Station, Vashi, Navi Mumbai. 'ED investigation revealed that M/s Platinum Hern Pvt Ltd has collected huge cash from its customers in lieu of sale of Moissanite Diamonds and other jewellery. Instead of using the said cash for its legitimate business purposes, the said cash has been routed through Hawala operators and later converted into USDT cryptocurrency,' the release read. The key person, Alpesh Khara, not only facilitated the collection of huge cash from Torres showrooms across Mumbai on the instructions of Oleksandr Zapichenko alias Alex and Ms Olena Stoian but also assisted them in converting the said cash into USDT cryptocurrency. Alpesh Khara was arrested by ED on March 26 and was in custody of ED from March 26 to April 1. 'It was revealed during the course of investigation that Alpesh Khara was one of the franchise owners of a known Angadia entity, which is having branches across India and huge cash has been exchanged hands through those branches of Angadias as well as other various Hawala Operators,' the release read. ED carried out searches at those Angadias / Hawala Operators at Mumbai and Surat, who assisted in facilitating such Hawala transactions at Mumbai and Surat resulted into the seizure of huge cash of Rs 6.30 crore as well as incriminating digital devices. Earlier searches conducted in this case on January 23, resulted into freezing of bank accounts totalling to Rs 21.75 crore and seizure of incriminating documents and digital devices. Further investigation is under progress. (ANI)
