4 min readMumbaiJun 1, 2025 01:44 PM IST
First published on: Jun 1, 2025 at 01:30 AM IST
The investigations of the two probe agencies in the Torres Ponzi scheme case, in which over 15,000 people were defrauded to the tune of Rs 177 crore, do not seem to be on the same page as far as the role of the alleged ‘whistleblower’ of the case CA Abhishek Gupta is concerned.
The Enforcement Directorate (ED), which has recently filed a chargesheet against 13 individuals and entities in the case, has claimed that during their money laundering investigation, they discovered CA Abhishek Gupta is one of the key accused in the case.
ED had initiated an investigation under the Prevention of Money Laundering Act based on the predicate offence lodged by the APMC police station of Navi Mumbai police, which has also named Gupta as an accused in their FIR.
According to the anti-money laundering agency, Gupta has been the statutory auditor of M/s Platinum Hern Pvt Ltd (the company that ran Torres Ponzi schemes) since its incorporation.
Gupta failed to report financial irregularities in a timely and proactive manner despite claiming to have disclosed them in his audit reports.
CA Gupta has claimed to be the whistleblower of the case. Gupta, after internally flagging the financial irregularities with the Torres’s top management, had sent the details via emails to various law enforcement agencies (including Mumbai Police-EOW) highlighting the criminal financial irregularities.
However, the ED is not buying this claim. According to the central agency, Gupta’s delayed (email) complaint on January 2, 2025, long after becoming aware of the misconduct, undermines his claim of acting as a whistleblower, the agency sources said.
Sources further added that the ED stated in the chargesheet that there is no evidence of any earlier effort to report or escalate the issues to authorities. His inaction during the crucial period suggests a lapse in professional responsibility and indicates complicity in the company’s continued illegal operations. These all prove that he knowingly assisted the company in the activities of money laundering.
The Torres Ponzi scheme key operatives had fled the country before the fraud surfaced fully. And for the initial few weeks, they kept investors misguided by sending messages to the investors from undisclosed locations, claiming Gupta and CEO Tausif Reyaz were the brains behind the scam.
However, Gupta regularly presented himself before the police and assisted them in the probe. He even approached the Bombay High Court as a ‘whistleblower’ seeking protection from any coercive action. The High Court had considered his plea. The EOW officials too considered him the whistleblower in the case and refrained from filing charges against him in their chargesheet. In fact, the EOW made him one of the key witnesses of the case.
It is pertinent to note that allegations were also levelled against the police department for not promptly acting on the complaints from various individuals against Torres before all masterminds escaped the country.
Geeta Gupta, one of the victim investors and member of the core group legally fighting the case on behalf of investors, said, “We too suspect Gupta for his involvement in the fraud.”
However, advocate Vivek Tiwari representing Gupta, said, “My client reported financial irregularities in his audit reports dated 26/12/2024 and informed the relevant authorities, including the customs department and the opposition leader in December 2024 to protect the public interest. Despite receiving no positive response, my client continued to contact investigation agencies starting from 30/12/2024. My client is a key witness in the Mumbai EOW and in the ED chargesheet, the accusations against my client are mischaracterized, indicating a lack of coordination between investigation agencies. My client has consistently cooperated with the ED, and all allegations against him are false and baseless.”
Ukrainians invested Rs 4.35 crore to commit Rs 177 crore fraud
According to the sources, the ED, in its money laundering investigation, has found that the Ukrainian masterminds invested nearly Rs 4.35 crore as capital and, using it, carried out mass fraud worth Rs 177 crore. The agency’s probe has revealed that the cash was received from Oleksandr Zapichenko, alias Alex, one of the two Ukrainian masterminds, and then entry operator Lalan Jamedar Singh used various entities for providing accommodation entries. Through two entities, Singh allegedly made bogus investments worth Rs 45 lakh and Rs 3.9 crore in Platinum Hern Pvt Ltd.
ED had initiated an investigation under the Prevention of Money Laundering Act based on the predicate offence lodged by the APMC police station of Navi Mumbai police, which has also named Gupta as an accused in their FIR. (Express Photo) 
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