Latest news with #MaharashtraProtectionofInterestofDepositorsAct
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.
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Business Standard
16-05-2025
- Politics
- Business Standard
Justice Bela Trivedi, 11th woman SC judge, retires after 3.5 years on bench
Justice Bela M Trivedi, who was the eleventh woman judge to be elevated to the Supreme Court in its 75-year-old history on Friday demitted office after spending three-and-a-half years on the bench. Justice Trivedi, who had the rare distinction of being elevated to the top court after starting out as a trial court judge in Gujarat in July 1995, was part of the top court's several landmark judgements. "It was a happy coincidence that her father was already working as the judge, city civil and sessions court when she was appointed. The Limca Book of Indian records has recorded the entry in their 1996 edition that 'Father - daughter judges in the same court'," Justice Trivedi's profile on the apex court website said. She was elevated as a judge of the apex court on August 31, 2021 when a record nine new judges, including three women, were administered oath of office. On Friday, Justice Trivedi sat in the ceremonial bench headed by Chief Justice B R Gavai as a tradition marking the exit of a top court judge. She was part of a five-judge Constitution bench, which by a 3:2 majority, in November 2022 upheld 10 per cent reservation introduced in 2019 for economically weaker sections in admissions and government jobs that excluded the poor among the SC/ST/OBC categories. A seven-judge Constitution bench, which Justice Trivedi was part of, in August 2024 by a 6:1 majority held that states are constitutionally empowered to make sub-classifications within the Scheduled Castes, which form a socially heterogeneous class, for granting reservation for the uplift of castes that are socially and educationally more backward among them. Justice Trivedi, in her 85-page dissenting verdict, said it is only Parliament which can include a caste in the SC list or exclude it, and states are not empowered to tinker with it. A bench comprising Justice Trivedi in November 2021 said touching genitals of a child or any act involving physical contact with "sexual intent" amounts to sexual assault under Section 7 of the POCSO Act as the most important ingredient is sexual intent and not skin-to-skin contact. It quashed the controversial "skin-to-skin" judgements of the Bombay High Court in two cases under the POCSO Act. Justice Trivedi penned a verdict holding that the moratorium imposed under the Insolvency and Bankruptcy Code does not prohibit the attachment of properties under the Maharashtra Protection of Interest of Depositors Act. A bench headed by Justice Trivedi on May 15 paved way for a Uttar Pradesh government scheme to develop the Shri Banke Bihari Temple corridor in Mathura for the benefit of scores of devotees. Born on June 10, 1960 at Patan in north Gujarat, she practised as a lawyer in the Gujarat High Court for about 10 years. She was appointed as a judge, city civil and sessions court at Ahmedabad, on July 10, 1995. She had worked on different posts like registrar vigilance in the high court and law secretary in the Government of Gujarat. She was elevated as a judge of the Gujarat High Court on February 17, 2011. Justice Trivedi was transferred to the Rajasthan High Court where she worked since June 2011 till she was repatriated to the parent high court in February 2016. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hindustan Times
16-05-2025
- Politics
- Hindustan Times
Eleventh woman judge in SC history, Justice Bela M Trivedi bids adieu
New Delhi, Justice Bela M Trivedi, who was the eleventh woman judge to be elevated to the Supreme Court in its 75-year-old history on Friday demitted office after spending three-and-a-half years on the bench. Justice Trivedi, who had the rare distinction of being elevated to the top court after starting out as a trial court judge in Gujarat in July 1995, was part of the top court's several landmark judgements. "It was a happy coincidence that her father was already working as the judge, city civil and sessions court when she was appointed. The Limca Book of Indian records has recorded the entry in their 1996 edition that 'Father - daughter judges in the same court'," Justice Trivedi's profile on the apex court website said. She was elevated as a judge of the apex court on August 31, 2021 when a record nine new judges, including three women, were administered oath of office. On Friday, Justice Trivedi sat in the ceremonial bench headed by Chief Justice B R Gavai as a tradition marking the exit of a top court judge. She was part of a five-judge Constitution bench, which by a 3:2 majority, in November 2022 upheld 10 per cent reservation introduced in 2019 for economically weaker sections in admissions and government jobs that excluded the poor among the SC/ST/OBC categories. A seven-judge Constitution bench, which Justice Trivedi was part of, in August 2024 by a 6:1 majority held that states are constitutionally empowered to make sub-classifications within the Scheduled Castes, which form a socially heterogeneous class, for granting reservation for the uplift of castes that are socially and educationally more backward among them. Justice Trivedi, in her 85-page dissenting verdict, said it is only Parliament which can include a caste in the SC list or exclude it, and states are not empowered to tinker with it. A bench comprising Justice Trivedi in November 2021 said touching genitals of a child or any act involving physical contact with "sexual intent" amounts to sexual assault under Section 7 of the POCSO Act as the most important ingredient is sexual intent and not skin-to-skin contact. It quashed the controversial "skin-to-skin" judgements of the Bombay High Court in two cases under the POCSO Act. Justice Trivedi penned a verdict holding that the moratorium imposed under the Insolvency and Bankruptcy Code does not prohibit the attachment of properties under the Maharashtra Protection of Interest of Depositors Act. A bench headed by Justice Trivedi on May 15 paved way for a Uttar Pradesh government scheme to develop the Shri Banke Bihari Temple corridor in Mathura for the benefit of scores of devotees. Born on June 10, 1960 at Patan in north Gujarat, she practised as a lawyer in the Gujarat High Court for about 10 years. She was appointed as a judge, city civil and sessions court at Ahmedabad, on July 10, 1995. She had worked on different posts like registrar vigilance in the high court and law secretary in the Government of Gujarat. She was elevated as a judge of the Gujarat High Court on February 17, 2011. Justice Trivedi was transferred to the Rajasthan High Court where she worked since June 2011 till she was repatriated to the parent high court in February 2016.
Hindustan Times
08-05-2025
- Business
- Hindustan Times
ED attaches assets worth ₹5,000 cr in US, UAE, Thailand in investors' 'fraud' case
New Delhi, The Enforcement Directorate on Thursday said it has attached 30 assets in the US, the UAE and Thailand as part of a money laundering investigation linked to an alleged 'Pan card club' investors' fraud case worth over ₹5,000 crore. These properties, attached provisionally under the Prevention of Money Laundering Act , are in the name of overseas subsidiaries of Panoramic Universal Ltd , Mumbai and Late Sudhir Moravekar, an accused in the case, the federal probe agency said in a statement. "All these assets have been acquired by making payments of ₹54.32 crore between 2002-2015," it said. Twenty-two of these attached properties are located in Thailand, six in the UAE and two in the US, the agency said. The probe pertains to the 'Pancard Clubs investment' fraud case, a probe based on an FIR by the Maharashtra Police . The ED said between 1997-2017, Pan Card Limited "unauthorisedly" collected investments from about 51 lakh investors across India and "failed" to return more than ₹5,000 crore to many of these investors. The EOW filed a charge-sheet against PCL, PUL and 44 other related companies, six directors and five marketing representatives of PCL under various sections of the IPC and the Maharashtra Protection of Interest of Depositors Act. The ED said the probe found that "proceeds of crime" of about ₹99 crore were "diverted" from PCL to PUL apart from the personal accounts of family members of Moravekar. It was found that in 2002, a hotel was bought in New Zealand through overseas direct investments by PUL, it said. Later, the asset was sold off and the wholly-owned subsidiary of PUL in New Zealand was closed "without" due reporting to the RBI. ODI investments were also made in the USA, the UAE, Thailand and Singapore and remittances worth about ₹100 crore were sent during 2002-2014, it said. Assets were acquired in the name of these overseas subsidiary entities and both the sons of Moravekar were planning to sell off some of these properties located in the US and the UAE, it said.
