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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.
Time of India
09-06-2025
- Business
- Time of India
Court allows sale of seized assets in Torres case
Mumbai: A special MPID court recently allowed the sale of seized gold, silver, and moissanite stones from Platinum Hern Pvt Ltd and others in the Rs 142-crore Torres Jewellers Ponzi scheme case. The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai. The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW's plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company. The EOW requested the court's permission to sell these valuable assets and deposit the funds in the State Bank of India's Mandvi branch. Judge NP Mehta's order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report. The joint commissioner of police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. –Rebecca Samervel
Time of India
09-06-2025
- Business
- Time of India
Court allows sale of seized assets in Torres jewellers ponzi scheme case
Mumbai: A special MPID court recently allowed the sale of seized gold, silver, and moissanite stones from Platinum Hern Pvt Ltd. and others in the Rs 142-crore Torres Jewellers Ponzi scheme case. The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai. The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW's plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company. The EOW requested the court's permission to sell these valuable assets and deposit the funds in the State Bank of India, Mandvi, Mumbai, branch. Judge NP Mehta's order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report. A panchnama (record of observations by witnesses) detailing the sequence of the sale of this valuable property, with the valuation report annexed, is also mandated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Freiburg Im Breisgau: Gutes Hören sucht 700 Testhörer für Hörgeräte ohne Zuzahlung Gutes Hören Undo Crucially, the Joint Commissioner of Police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. Further, the entire proceedings of the sale are to be video recorded. In March, the EOW submitted a chargesheet in the case. It stated the accused offered 2% higher returns for cash investments as part of their criminal conspiracy to facilitate the misappropriation of the invested funds. The chargesheet stated that investors interested in making online payments were discouraged with excuses like slow internet or network issues and were forced to invest in cash. Shivaji Park police on January 6 registered an FIR in the alleged investment fraud case. Office-bearers of Platinum Hern Pvt Ltd, which ran Torres Jewellers, were named as accused. Subsequently, police filed a 27,147-page chargesheet. Those named in the chargesheet include Platinum Hern Pvt Ltd, the company's Uzbek General Manager Taniya Xasatova (52), Russian Store-in-Charge Valentina Kumar (44), Director Sarvesh Surve (30), CEO Tausif Riyaz alias John Carter (33), Ukrainian actor who worked in Mumbai Armen Atian, alleged hawala operator Alpesh Khara, and Lallan Singh, who allegedly converted cash into "look-like" legitimate banking transactions for the accused company. The chargesheet also cited the statements of several witnesses, including mobile phone dealers who described how the accused purchased devices worth Rs 5 crore.
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.
