Torres Ponzi scheme: ED freezes bank accounts worth Rs 21 crore

“The directors, members and managers Platinum Hern Pvt Ltd lured investors with promises of high returns ranging from 2% to 9% weekly on investments in gold, silver, diamond jewellery, and gemstones. The schemes also offered bonuses for recruiting new investors, creating a referral system to attract more victims,” the ED officials said.

“Platinum Hern Pvt Ltd marketed synthetic moissanite stones as high-value investments comparable to diamonds. These stones were sold at inflated prices while misleading investors about their future appreciation. The company organised seminars, advertised on social media platforms, and conducted unlicensed lucky draws to entice customers with luxury rewards, including cars and expensive mobile phones,” the press note released by the agency read.

Mumbai police’s Economic Offences Wing has arrested Tazagul Xasatov, a Uzbekistan national, Valentina Ganesh Kumar, a Russian national and Sarvesh Surve, who worked as senior executives in the firm in connection with the case.

Besides, EOW has also arrested alleged hawala operators Alpesh Khara while blue corner notices have been issued against eight absconding Ukrainian and a Turkish national.

During the course of its probe, the ED scrutinised multiple bank accounts of Platinum Hern Pvt Ltd and its associates, that revealed suspicious transactions and links to other entities.

“Payments to these entities are under investigation as it indicates that funds amounting to Rs 13.78 crore were received in the accounts of Platinum Hern Pvt Ltd from various dummy entities linked to one Lallan Singh and these funds were used to set up business operations of Torres Jewellery in Mumbai,” an officer said.

The agency carried out searches at various premises in Mumbai and Jaipur including, the residential premises of Surve at Umarkhadi in Mumbai and the offices of associated entities identified as Gemethyst and Stellar Trading Company in Jaipur, and Kalbadevi in Mumbai.

“ED also searched the residential premises of Lallan Singh, a key associate, in Mulund and Alpesh Pravinchandra Khara, a suspected hawala operator at Opera House, Mumbai, uncovering further evidence related to the fraudulent schemes,” ED officials said.