ED Raids in Mumbai and Jaipur: Key Evidence Recovered in ₹1,000 Crore Torres Jewellery Scam Investigation | File photo
Mumbai: The Enforcement Directorate (ED) carried out extensive raids at 13 locations across Mumbai and Jaipur on Thursday, targeting both commercial and residential properties linked to M/s Platinum Hern Pvt Ltd, which operate under the brand name “Torres Jewelers.” The raids were conducted under the Prevention of Money Laundering Act (PMLA) and are part of an ongoing investigation into an investment fraud involving synthetic gemstones marketed as valuable assets.
The raids were carried out at various properties, including the office of M/s Platinum Hern Pvt Ltd located at Opera House, the residence of the company’s director and arrested accused, Sarvesh Surve, at Umarkhadi, Additional searches were carried out at a firm’s premises in Kalbadevi, the residence and premises of Lallan Singh, a key associate, in Mulund, and the property of Alpesh Pravinchandra Khara, a suspected hawala operator, at Opera House.
Additionally the ED carried out operations in Jaipur at the offices of associated entities, including M/s Gemethyst at Kishanpole Bazar and M/s Stellar Trading Company at Johri Bazar.
The raids are part of a broader crackdown on entities and individuals linked to the fraudulent investment scheme allegedly involving money laundering and hawala transactions.
According to the Officials the raid is underway at several locations.The ED’s action, conducted under the Prevention of Money Laundering Act (PMLA), follows a money laundering case registered based on a complaint by the Economic Offence Wing(EOW). The scam allegedly duped over 1 lakh investors in and around Mumbai, with losses exceeding Rs 1,000 crore. Victims were lured into investing in Torres investment schemes that promised “attractive returns.” According to ED officials the Victims were misled into believing they were purchasing precious items and receiving substantial weekly returns, while the company engaged in widespread deception, violating multiple legal provisions.
During a search operation at the Opera House premises of suspected hawala operator Alpesh Shah Khara, who is allegedly accused of channeling over Rs 200 crore abroad through illegal hawala networks, according to the sources ED officials recovered crucial documents linked to the scam’s illegal fund transfers. Sources revealed that the hawala transactions facilitated by Khara were suspected to have targeted destinations such as Dubai and Ukraine.
According to the Economic Offences Wing (EOW), khara operated on the instructions of absconding suspects Taufiq Riaz and Alex.
The EOW investigation has revealed that the masterminds of the scam purchased USDT (Tether cryptocurrency) worth over Rs 200 crore within the last three months, transferring the funds out of India. Cash collected from various stores was centralized in Dadar before being funneled through illegal channels. From Dadar, the money was allegedly handed over to arrested accused Alpesh Pravinchandra Khara, who is believed to have converted the cash into USDT cryptocurrency using illegal means. According to the officials, this method of bypassing legitimate financial channels through cash-based cryptocurrency purchases poses a severe risk to India’s financial system.
The ED conducted a search operation at the offices of its associated entities, M/s Gemethyst at Kishanpole Bazar and M/s Stellar Trading Company at Johri Bazar in Jaipur, Rajasthan, in connection with the Torres scam. focusing on entities involved in supplying on synthetic gemstones and jewellery which appear valuable and original. According to ED sources, the victims were misled into believing they were purchasing precious items and receiving substantial weekly returns.
These entities are allegedly suspected of playing a significant role in the fraudulent activities associated with Torres Jewellery. The investigation to identify the flow of money within Torres Jewellery, including any irregularities in invoicing and payments, and to examine the role of these suppliers and shell companies in masking illicit financial activities. Additionally, the investigation seeks to determine whether these entities were part of a larger money-laundering network used to funnel proceeds from fraudulent investments.
The search operation is still underway, with ED officials combing through more than 24 hours of evidence collection at multiple locations.
