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ED Exposes ₹13.78 Crore Fraud in Torres Scam: Raids Uncover Multi-City Money Laundering Network
The Enforcement Directorate (ED) has made a significant breakthrough in the multi-crore Torres scam, revealing that ₹13.78 crore was funneled to establish the Torres company in Mumbai. The amount, allegedly provided by a man named Lallan Singh, was traced to multiple shell companies.
According to the ED, suspicious transactions were uncovered during a probe into the bank accounts of M/s Platinum Hern Pvt. Ltd. and its associates. These accounts revealed connections to dubious entities, and payments made to these entities are under investigation.
The probe further revealed that ₹13.78 crore was routed to M/s Platinum Hern Pvt. Ltd. through shell companies linked to Lallan Singh, and this money was used to set up Torres Jewellery’s operations in Mumbai. Raids conducted at Singh’s residence in Mulund and hawala operator Alpesh Praveenchandra Khara’s residence in Opera House led to the recovery of evidence related to fraudulent schemes.
Raids Conducted in Mumbai and Jaipur
On Thursday, the ED raided 13 locations in Mumbai and Jaipur, including the residence of Sarvesh Surve, a director of M/s Platinum Hern Pvt. Ltd., in Umar Khadi, and offices in Kishanpole Bazaar and Johri Bazaar in Jaipur, along with Kalbadevi in Mumbai. The operation resulted in the seizure of incriminating documents, digital evidence, and the freezing of bank accounts worth ₹21.75 crore linked to the Torres Jewellery scam.
The ED launched its investigation based on an FIR registered by APMC Police Station. The FIR alleged that M/s Platinum Hern Pvt. Ltd., its directors, and associates duped investors by promising high weekly returns ranging from 2% to 9%. A referral system offering bonuses for recruiting new investors was also used to lure more victims.
The company misled investors by selling synthetic moissanite stones as high-value diamond equivalents, claiming their value would appreciate over time, and sold them at inflated prices.
Three additional FIRs have been registered against the company in Shivaji Park, Rabodi, and Navghar Police Stations. Accused individuals include Sarvesh Ashok Surve, Viktoriya Kovalenko, Taufiq Riaz alias John Carter, Olena Stoyan, and others.
