Torres scam: Court discharges CA named as accused by ED

The court said that in the absence of sufficient grounds, the case against Abhishek Gupta cannot proceed.

Written by Sadaf Modak

Mumbai | July 30, 2025 21:47 IST

The court said the documents show that the other accused named in the ED chargesheet were involved in directly or indirectly dealing with the proceeds of crime.

A Chartered Accountant, who was pegged as the alleged ‘whistleblower’ of the Torres Ponzi scheme case by the Mumbai Police, while being named as an accused by the Enforcement Directorate, has been discharged by a special court on Tuesday. The court said that in the absence of sufficient grounds, the case against Abhishek Gupta cannot proceed.

It took cognizance against 12 others, including the company, Platinum Hern, which was running the scheme and the Ukrainian nationals arrested in the case.

The ED has filed a chargesheet in the case against 13 in May after the Economic Offences Wing of the Mumbai Police filed a case of cheating for allegedly duping investors. The ED named Gupta as one of the accused claiming that he had failed to report financial irregularities in a timely and proactive manner, even while he claimed to have disclosed it in his audit report. Gupta’s lawyer Mithilesh Mishra argued before court that as a statutory auditor, he had neither participated nor had knowledge of any alleged money laundering activities and that there was no evidence to show his active involvement in transfer of any illicit funds. The lawyer also cited a case where the Bombay high court has discharged a CA from money laundering charges.

“There is no material/evidence to indicate that accused No.10 (Gupta) is actually involved in any process or activity connected with the proceeds of crime. Therefore, considering the limited role assigned against accused No.10 and the ratio laid down in the above cited authority, it shows that there are no sufficient grounds for proceeding against accused,” special judge R B Rote said.

The court said the documents show that the other accused named in the ED chargesheet were involved in directly or indirectly dealing with the proceeds of crime. Another accused, Tazagul Khasatova, who is arrested in the case, said that she was merely an employee on remuneration and has no role in the crime.

The court, however, said that there was prima facie involvement of the other accused in various roles. The ED claims that the accused lured investors through showrooms under the brand name Torres, promising them high and unsustainable returns for a period of 52 weeks but stopped paying earlier this year, following which the complaint was filed.

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