ED Cracks Down on Fraudulent Investment Schemes by Torres Jewellery: 13 Locations Raided, Rs. 21.75 Crore Frozen

(Judicial Quest News Network)

Mumbai,24, January,2024. In a major crackdown against fraudulent investment schemes, the Directorate of Enforcement (ED) has conducted coordinated search operations across 13 locations in Mumbai and Jaipur. These raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002, targeting the operations of M/s Platinum Hern Pvt Ltd, which runs the fraudulent jewellery brand “Torres Jewellery.” The investigation follows claims of deceptive financial schemes that duped investors with false promises of high returns and misrepresented products.

During the search operations, ED officials seized a significant amount of incriminating documents and digital evidence, further strengthening the case. In addition, they froze bank accounts associated with M/s Platinum Hern Pvt Ltd and its affiliates, totaling a whopping Rs. 21.75 crore.

The probe was initiated after the APMC Police Station in Vashi, Navi Mumbai, registered a First Information Report (FIR) against the company’s directors and their associates. The FIR alleged that the accused parties lured investors by promising lucrative returns, ranging from 2% to 9% per week, on investments in gold, silver, diamond jewellery, and gemstones. To escalate the scheme’s reach, the company also operated a referral system, offering bonuses to those who brought in new investors.

One of the primary tactics employed by M/s Platinum Hern Pvt Ltd was marketing synthetic moissanite stones as high-value investments, deceptively claiming they were comparable to diamonds. These stones were sold at inflated prices, misleading investors about their future appreciation. In addition, the company conducted seminars, ran social media advertisements, and even held unlicensed lucky draws, promising luxury prizes such as cars and expensive mobile phones to attract unsuspecting customers.

Following the registration of the initial FIR, three more FIRs were filed across Mumbai and Thane, implicating several key individuals, including Sarvesh Ashok Surve, Victoria Kovalenko, Taufiq Riyaz (alias John Carter, CEO), Olena Stoin, and others. These individuals have been accused of defrauding numerous investors through their deceitful schemes.

The ED’s investigation has revealed troubling patterns of suspicious transactions linked to M/s Platinum Hern Pvt Ltd. Multiple bank accounts of the company and its affiliates were scrutinized, revealing that funds amounting to Rs. 13.78 crore were transferred into the company’s accounts from various dummy entities associated with one Lallan Singh. These funds were then used to establish the operations of Torres Jewellery in Mumbai.

As part of their extensive search operation, ED raided several locations in Mumbai and Jaipur. Among the properties searched were the residential premises of Sarvesh Surve, Director of M/s Platinum Hern Pvt Ltd, in Umarkhadi, Mumbai. Offices tied to affiliated entities such as M/s Gemethyst in Jaipur’s Kishanpole Bazar and M/s Stellar Trading Company in Johri Bazar, Jaipur, were also raided. In addition, ED searched the residence of Lallan Singh, a significant associate in the scheme, in Mulund, Mumbai, and the home of Alpesh Pravinchandra Khara, a suspected hawala operator in Opera House, Mumbai.

These operations have uncovered substantial evidence linking the accused individuals to the fraudulent schemes, with the investigation continuing to unfold. The ED has promised further action and is closely scrutinizing the financial networks involved, with the aim of bringing the perpetrators to justice.

The Directorate of Enforcement’s relentless efforts have exposed yet another sophisticated investment fraud scheme, shedding light on the growing risks posed by such unscrupulous enterprises in the financial sector. Further investigation is ongoing, and more arrests and seizures are expected as the probe continues.

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