Torres ponzi case: ED makes first arrest, takes hawala operator into custody

ED’s special public prosecutor Sunil Gonsalves submitted that groups were created on the Telegram mobile application through which secret codes were created. The codes were to be shared with the cashiers in Torres stores to collect money, it was alleged.

“… Alpesh Khara had actively participated in collection of cash from Dadar showroom of Torres. The investigation conducted by this directorate further revealed that Khara had later converted this cash into USDT cryptocurrency and arranged the credit of the said USDT into the wallet of a person in the mobile of Olexandar Zepichenko (Alex), who is one of the main persons of Platinum Hern,” the ED remand plea states.

Khara’s lawyer Parvez Memon opposed the plea stating that he has no direct or indirect involvement in the alleged scam and that he is a mere franchisee of an ‘angadia’ service, which provides money transfer services to clients for a small commission. The lawyer submitted that Khara had no interaction with any of the victims of the alleged scam nor was he aware that the funds in question were linked to a crime.

Special judge Daga said prima facie it appears Khara was involved in handling and layering of proceeds of crime and opportunity has to be given to the ED to conduct a probe.