Enforcement Directorate intensifies investigation into Alpesh Khara’s role in the Torres Ponzi scheme money laundering case | File photo
Mumbai: Tightening its grip in the ongoing Rs 143 crore Torres money laundering probe, The Enforcement Directorate (ED) has approached the Maharashtra Protection of Interest of Depositors (MPID) court seeking custodial interrogation of Alpesh Pravinchandra Khara. Khara, a suspected hawala operator, is accused of facilitating illegal fund transfers linked to Platinum Hern Pvt Ltd’s Torres Ponzi scheme.
Khara, 54, who operated from Mumbai’s Girgaon and Opera House areas, was was arrested by the city’s Economic Offences Wing (EOW) for allegedly facilitating the clandestine transfer of scam proceeds abroad.Investigation allege that Khara helped channel over Rs 25 crore to destinations such as Dubai and Ukraine through illegal hawala routes, bypassing formal banking systems.
Earlier this month, the ED moved the MPID court to seek permission for Khara’s judicial custody questioning, arguing that some crucial links in the illegal fund transfer chain remain undisclosed. Sources privy to the matter revealed that Khara was recently questioned inside jail premises under tight supervision. During this session, Khara reportedly denied all allegations, flatly refuting any involvement in siphoning investor funds through USDT abroad. He also claimed no connection with absconding masterminds such as Taufiq Riaz or any foreign operatives linked to Platinum Hern Pvt Ltd, and rejected accusations of involvement with Dubai-based shell companies or creating dummy firms and fake invoices to launder illicit funds.
However, the ED’s recent request for custodial remand remains pending, as the Mira Road police and Navi Mumbai police have also sought his custody in related cases.
According to sources, Khara systematically destroyed physical records related to hawala transactions. Despite this, ED officials recovered key documents linked to shell companies from his premises, establishing his connection to illicit financial operations. Additionally, during a search in January, EOW officials seized a 260GB hard drive and a Redmi mobile phone containing crucial digital transaction data. These devices have been sent for forensic examination.”
Notably, ED officials shared findings with the EOW, highlighting Khara’s attempts to mislead investigators and obscure the digital money trail. The EOW, which has already filed a chargesheet against eight accused individuals, is collaborating with the ED to trace illicit cryptocurrency transactions.
Investigations by both agencies have uncovered a sophisticated financial network used to move illicit funds across borders. Investigations have revealed that funds collected from investors were handed over to operatives, who then transferred them to Khara. Officials allege that Khara and his network systematically converted this cash into USDT, a stable cryptocurrency pegged to the US dollar, enabling seamless international transfers without triggering red flags in the banking system.
Despite progress in tracking the illicit funds, investigators have yet to determine their final destination. The ED is now expanding its probe by tracing the cryptocurrency trail and seeking cooperation from international crypto exchanges to identify the ultimate recipients of the laundered funds. Several shell companies and foreign operatives are suspected of playing crucial roles in concealing the illicit transactions
According to the EOW chargesheet, Khara allegedly booked three flats in South Mumbai using proceeds from the crime—funds fraudulently obtained from hard-earned victim investors. The chargesheet states that after collecting cash from investors, intermediaries would take them to Khara, who then transferred the money abroad via USDT cryptocurrency.
The investigation further revealed that Khara also transferred a portion of the fraudulently acquired money to the bank account of K & A Jewelry, a store owned by him and his wife, Kuntal Khara. Subsequently, funds from this account were transferred to accounts held by his son, Meet, and his wife, Kuntal. They later routed the money into a builder’s account to book three flats in the Kherwadi area on SVP Road.
The builder, in his statement to the police, confirmed that the Khara family purchased three flats on the 24th floor of the Earth Darshan building for Rs 1.15 crore. Payments were made on November 26, 2024, and January 7, 2025. However, as the full Rs 2 crore payment was not completed, the flats remain unregistered.
Additionally, investigators found that Khara worked for Platinum Hern Pvt Ltd and purchased diamonds worth Rs 41 lakh for Torres, which were allegedly used to lure investors by showcasing luxury jewelry.
Digital forensic analysis of Khara’s mobile phone revealed communications with both arrested and wanted foreign nationals involved in the scheme. CCTV footage from Khara’s diamond store further confirmed frequent visits by accused individuals.
Authorities have identified 11 suspects, including eight Ukrainian nationals and one Turkish national, who remain at large. A Blue Corner Notice has been issued against the foreign suspects as agencies intensify their efforts to track them down.
