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Indian Express
29-05-2025
- Business
- Indian Express
Torres Ponzi scheme: Rs 177 crore laundered by Ukrainians masterminds, Mumbai hawala operator, says ED
The chargesheet filed by the Enforcement Directorate (ED) in the Torres Ponzi fraud case found that the Ukrainian masterminds, with the help of an Indian hawala operator, an entry operator and others, allegedly laundered Rs 177.11 crore. 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.
Hindustan Times
11-05-2025
- Business
- Hindustan Times
Torres scam: ED searches in Mumbai and Surat, seizes ₹6.30 crore cash
MUMBAI: Mumbai zonal office of the Enforcement Directorate (ED) on Friday conducted searches at four premises in Mumbai and Surat in connection with the money laundering case registered against M/s Platinum Hern Pvt Ltd, which allegedly defrauded thousands of investors in a multi-crore Ponzi scheme promoted through its Torres Jewellery stores in the city. ED's investigation is based on an FIR registered by the APMC police in Vashi, Navi Mumbai, against the firm, its directors, and senior executives allegedly involved in the fraud. M/s Platinum Hern Pvt Ltd had lured its customers to pay huge sums for moissanite diamonds and other jewellery. Agency sources said instead of using the cash for legitimate business purposes, it was routed through hawala operators to be converted into cryptocurrency to send abroad. 'Following instructions from Oleksandr Zapichenko alias Alex (an associate) and Olena Stoian (former director), Alpesh Khara, the key person, not only facilitated cash collection from Torres showrooms across Mumbai but also converted it into USDT cryptocurrency,' said an ED source. On March 26, ED arrested Khara, the hawala operator, who is currently in judicial custody. Sources said Khara was a well-known Angadia's (a service used to transport cash, diamonds, and jewellery) franchise owner. The Angadia has branches across India, through which huge sums were transferred. ED's searches were carried out in Angadia premises in Mumbai and Surat. The searches have resulted in the seizure of ₹6.30 crore and some digital devices. Earlier on January 23, the agency carried out searches in Mumbai and Jaipur, resulting in bank accounts holding ₹21.75 crore being frozen and the seizure of documents and digital devices.
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)
