Latest news with #TorresJewellery
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.
Time of India
10-05-2025
- Business
- Time of India
Torres Jewellery case: ED seizes Rs 6.3 crore cash from 'hawala' operators
The Enforcement Directorate (ED) on Saturday said it has seized Rs 6.3 crore in cash during fresh searches conducted against " angadias " and "hawala" operators in Mumbai and Surat in connection with the Torres Jewellery money-laundering case. The federal probe agency said in a statement that the raids were carried out at four premises by its Mumbai zonal office on Friday. #Operation Sindoor India-Pakistan Clash Live Updates| Pak moving troops to border areas? All that's happening Why India chose to abstain instead of 'No Vote' against IMF billion-dollar funding to Pakistan How Pak's jihadi general Munir became trapped in his own vice The action pertains to the money-laundering case against Platinum Hern Private Limited that operated under the brand name Torres Jewellery and is alleged to have cheated its customers after collecting a "huge" amount of cash from them in lieu of the sale of Moissanite diamonds and other jewellery. The ED case stems from a police FIR filed in Navi Mumbai. "Instead of using the said cash for its legitimate business purposes, it has been routed through hawala operators and later, converted into USDT cryptocurrency," the ED said. Alpesh Khara, an alleged "hawala" operator and a "key" person in the case, facilitated the collection of cash from Torres showrooms across Mumbai on the instructions of foreign nationals Oleksandr Zapichenko alias Alex and Olena Stoian (two among the many alleged masterminds of the fraud), the agency claimed. Live Events Khara is also accused of assisting the two in the "conversion" of this money into USDT cryptocurrency. Khara was arrested by the ED in March. Khara was one of the franchise owners of a known "angadia" entity that has branches across the country and a "huge" amount of cash has exchanged hands through those branches as well as various "hawala" operators, the ED alleged. The searches against these operators in Mumbai and Surat led to the seizure of Rs 6.3 crore in cash as well as "incriminating" digital devices. "Angadias" are a set of people who transfer huge amounts of cash in the physical form from one place to another, while "hawala" dealers do it by either using cash or bank accounts of shell or dummy companies. The ED had conducted searches in connection with the case in January and frozen bank deposits of Rs 21.75 crore.
Hindustan Times
10-05-2025
- Hindustan Times
Torres Jewellery case: ED seizes ₹6.3-Cr cash from 'hawala' operators
New Delhi, The Enforcement Directorate on Saturday said it has seized ₹6.3 crore in cash during fresh searches conducted against "angadias" and "hawala" operators in Mumbai and Surat in connection with the Torres Jewellery money-laundering case. The federal probe agency said in a statement that the raids were carried out at four premises by its Mumbai zonal office on Friday. The action pertains to the money-laundering case against Platinum Hern Private Limited that operated under the brand name Torres Jewellery and is alleged to have cheated its customers after collecting a "huge" amount of cash from them in lieu of the sale of Moissanite diamonds and other jewellery. The ED case stems from a police FIR filed in Navi Mumbai. "Instead of using the said cash for its legitimate business purposes, it has been routed through hawala operators and later, converted into USDT cryptocurrency," the ED said. Alpesh Khara, an alleged "hawala" operator and a "key" person in the case, facilitated the collection of cash from Torres showrooms across Mumbai on the instructions of foreign nationals Oleksandr Zapichenko alias Alex and Olena Stoian , the agency claimed. Khara is also accused of assisting the two in the "conversion" of this money into USDT cryptocurrency. Khara was arrested by the ED in March. Khara was one of the franchise owners of a known "angadia" entity that has branches across the country and a "huge" amount of cash has exchanged hands through those branches as well as various "hawala" operators, the ED alleged. The searches against these operators in Mumbai and Surat led to the seizure of ₹6.3 crore in cash as well as "incriminating" digital devices. "Angadias" are a set of people who transfer huge amounts of cash in the physical form from one place to another, while "hawala" dealers do it by either using cash or bank accounts of shell or dummy companies. The ED had conducted searches in connection with the case in January and frozen bank deposits of ₹21.75 crore.
Time of India
22-04-2025
- Business
- Time of India
Torres scam: Manager seeks clubbing of all FIRs against her
Mumbai: Tazagul (Taniya) Khastova, a regional manager of Torres and an accused in the multi-crore Torres scam , filed a petition for clubbing all FIRs filed against her to be sent to the economic offences wing or to form an SIT to investigate them. She requested that she not be arrested in future FIRs if registered pending this petition. A public prosecutor informed Bombay high court that the main writ and some other petitions pertaining to the Torres scam are scheduled for hearing on April 29, so this matter can also be kept on the same date. A division bench of Justices Revati Mohite Dere and Neela Gokhale asked the prosecutor to take instructions on the transfer plea. However, the HC was not inclined to immediately pass orders on clubbing. The HC said it may consider the transfer of cases to one court on the next date and posted the matter to 29 April. An FIR for cheating was filed with Shivaji Park police in the alleged Rs 125 crore case. Police earlier this year also arrested Xasatova (52), and 2 others. Most investors invested in Torres Jewellery. — Swati Deshpande
