Torres fraud: Did Ukrainian masterminds transfer Rs 200 crore abroad? Cops probing whistleblower’s claim

Elaborating on the alleged money laundering operations at Torres, the whistleblowers’ emails state that cash was collected from stores across various locations and centralised at Dadar before being transferred further.

A unique code system was employed to represent the amount of money collected by each individual, ensuring anonymity and limiting traceability during transactions, the emails claim.

From Dadar, the money was reportedly handed over to Alpesh Shah, based in Opera House, who was responsible for illegally converting the cash into USDT cryptocurrency.

One suspect, Alex, who operates from outside India, is believed to oversee the entire operation. He allegedly possesses two passports, enabling him to operate under multiple identities and manage cross-border activities.

The foreigners associated with Torres reportedly located a hawala operator through online channels to facilitate the transactions.

“The outflow of ₹200 crore highlights the scale of money laundering facilitated by Torres. The use of cash to purchase cryptocurrency bypasses legitimate financial channels and poses a significant risk to India’s financial ecosystem. The involvement of foreign nationals, hawala operators, and dual identity holders indicate a well-organized cross-border operation,” the whistleblowers’ emails stated.

“It’s suspected that the accused collected money and sent it abroad through illegal means, causing financial loss to India’s economy. Further investigation is needed,” the investigation officer of the case in the Economic Offences Wing (EOW) mentioned in the remand application submitted to the court on Monday.

Mumbai police EOW officials stated that they are verifying the claims made in the emails sent by the alleged whistleblowers. Officials have also written to concerned agencies seeking details of foreign remittances.

“After obtaining the details, we will be able to confirm how much money was sent abroad,” an EOW officer said.

Multiple emails with identical content were sent to various authorities between December 30, 2024, and January 2-3, 2025, by the alleged whistleblowers—Virar resident Mohamed Tausif Reyaz alias John Carter, chartered accountant Abhishekh Gupta, and director Survesh Surve.

Gupta, who sought protection from the high court, is assisting the EOW in the investigation, while his partner Surve has been arrested. Reyaz, a native of Patna, Bihar, is wanted by the EOW. He was listed as the CEO of Platinum Hern Pvt Ltd, the company that operates the Torres brand.

The EOW has found certain claims made in the whistleblowers’ emails to be true. As a result, the names of the foreigners mentioned in the emails were included in the remand application submitted to the court on Monday. Claims in the emails regarding monthly rent of Rs 25 lakh for showrooms and Rs 25 crore spent on setting up six showrooms by Torres were also documented in the police’s official case files.

The police are also investigating claims that the accused illegally brought significant amounts of gold (25kg) and silver (75kg) into the country, as alleged in the whistleblowers’ emails.

The whistleblowers’ emails allege that around 60,000 people invested money in Torres.

On January 6, thousands of investors from Mumbai, Navi Mumbai, and Mira Road staged protests outside Torres’ jewellery stores in Dadar, Mira Road, and APMC Navi Mumbai after they stopped receiving their promised interest payments in late December. On the same day, Shivaji police registered an FIR citing a fraud amount of Rs 13.48 crore from 66 different investors. The case was later transferred to the EOW. FIRs were also registered by Navghar police in Mira Bhayander, Rabodi police in Thane, and APMC police in Navi Mumbai.

The Torres brand, operated by Platinum Hern Pvt Ltd, allegedly floated multiple schemes offering exorbitant weekly interest rates, with some yielding an annual return of up to 500%. Initially, investors were lured with incentives such as iPhones, jewellery, and other expensive gifts, including branded bags, cars, and apartments. However, the promised returns began defaulting in late December.

The FIR states that more than 1.25 lakh individuals invested in these schemes. Police estimate the total fraud amount could be as high as Rs 1,000 crore. Many investors broke fixed deposits, took out high-interest loans, and even mortgaged jewellery and homes to invest in these lucrative but ultimately fraudulent schemes.