Torres Scam: Lallan Singh linked fraud to accused Tausif Riyaz (top right), who had direct ties to fugitive masterminds Olena Stoian (center, right) & Victoriia Kovalenko (down right) | File Image
The Enforcement Directorate (ED) has intensified its probe into the multi-crore Torres scam, uncovering crucial links between alleged fixer Lallan Singh and a sophisticated money laundering network. Sources indicate that Singh allegedly converted USDT, a stable cryptocurrency, pegged to the US dollar into Indian currency, routing the funds through multiple shell companies before channeling them into Platinum Hern Pvt Ltd—the operational base of the Torres jewelry scam.
The ED’s investigation has revealed that Singh acted as a dummy investor under the instructions of an absconding Ukrainian accused, further solidifying the scam’s international footprint. The agency recently obtained permission from the MPID court to interrogate Singh in judicial custody, following which his statement was recorded in jail.
During questioning, Singh disclosed that he was introduced to the fraudulent jewelry business by Tausif Riyaz, also known as John Carter, an arrested accused. Carter had direct links with alleged fugitive masterminds Olena stoian and Victoriia Kovalenko, who served as directors of Platinum Hern Pvt Ltd. They allegedly offered Singh a commission to convert USDT into Indian currency to finance the establishment of the company in 2023-24.
Tausif Riyaz |
Stolan olena |
victoria Kovalenko |
Singh further revealed that Olena and Riyaz had agreed to pay him a 0.05% commission per lakh for converting USDT into Indian currency. As part of the deal, Singh was also made an angel investor using laundered funds. However, he claimed to have no knowledge of the origins of the USDT provided to him for conversion.
Singh admitted to facilitating the conversion of USDT into Indian currency for the scam. Through his dummy companies, he invested approximately Rs 13.8 crore as seed capital into Torres via a network of shell entities. These funds were instrumental in setting up Platinum Hern Pvt Ltd, the firm under which Torres operated in India.Singh’s firms allegedly played a crucial role in concealing the origins of the illicit funds. The companies involved include:
Astrozen Pharmaceutical Pvt Ltd
Miracle Pvt Ltd
Mulund Online Services
Prisah Advisory Pvt Ltd
Prisah FAMS and Security Services Pvt Ltd
The bank account details of these allegedly dummy companies have been classified, and the Registrar of Companies (ROC) has flagged their operations. The investigation has confirmed that Singh, as a director or proprietor, used these entities to launder and dispose of illicit funds under the instructions of absconding foreign accused persons.
The laundered funds were funnelled into the Torres jewelry business, operating under Platinum Hern Pvt Ltd. This financial scheme was highly orchestrated, with the accused requiring Indian currency to sustain the Ponzi-style operation for an extended period without raising suspicion. Singh played a crucial role in converting USDT received from absconding foreign accused and integrating it into the Indian banking system. Subsequently, this illicitly obtained money was injected into the Torres jewelry fraud scheme, facilitating the establishment and expansion of six showrooms in and around Mumbai, including Mira Bhayandar and Navi Mumbai.The funds were also utilized for Renting commercial spaces,Purchasing artificial jewelry and gemstones,Procuring luxury gifts such as Toyota cars, iPhones, and laptops for promotional lucky draws.
Chartered Accountant Abhishek Gupta revealed during the investigation that the accused was actively assisting a company in laundering embezzled and fraudulently acquired funds. Additionally, arrested accused Tausif Riyaz disclosed during interrogation that he was carrying cash for Lallan Singh, further strengthening the investigative agencies’ case and linking key players in the financial misappropriation.
Further investigation into Lallan Singh, also known as Lallan Singh Jamidar Singh, has exposed his involvement in past fraud cases. Investigators have found that he previously fabricated and used forged documents to commit fraud. Multiple cases have been registered against him at Naupada Police Station,Navghar Police Station. Additionally, he is also facing charges under a case registered with the Economic Offences Wing, Mumbai.
With key masterminds still at large, the ED is likely to seek further legal action, including international cooperation, to track down fugitive accused Olena stoian and Victoriia Kovalenko. Investigators believe that Singh’s financial network played a crucial role in integrating illicit cryptocurrency transactions into the Indian financial system.
