The Enforcement Directorate (ED) conducted searches at 13 locations across Mumbai and Jaipur, resulting in the seizure of several incriminating documents, digital evidence, and the freezing of bank accounts totaling Rs 21.75 crore. These accounts were linked to M/s Platinum Hern Pvt Ltd (Torres Jewellery) and its affiliates. The action was taken under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), in connection with fraudulent investment schemes operated under the brand name "Torres Jewellery."
The investigation began following an FIR lodged by the APMC Police Station in Vashi, Navi Mumbai, which accused M/s Platinum Hern Pvt Ltd of deceiving investors with promises of weekly returns between 2% and 9% on investments in gold, silver, diamond jewelry, and gemstones. The schemes also offered bonuses for recruiting new investors, creating a referral system to attract more victims. M/s Platinum Hern Pvt Ltd marketed synthetic moissanite stones as high-value investments comparable to diamonds. These stones were sold at inflated prices,misleading investors about their future appreciation. The company organized seminars, advertised on social media platforms, and conducted unlicensed lucky draws offering customers with luxury rewards, including cars and expensive mobile phones.
Three additional FIRs were registered in Mumbai and Thane against the company’s directors and associates, at Shivaji Park, Rabodi, and Navghar police stations.wherein the directors and associates, including Sarvesh Ashok Surve, Victoria Kovalenko, Taufiq Riyaz alias John Carter (CEO), Olena Stoin, and others, were charged.
The ED scrutinized multiple bank accounts of M/s Platinum Hern Pvt Ltd and its associates,revealed suspicious transactions and links to other entities.Investigation reveal that Rs 13.78 crores were received in the accounts of M/s Platinum Hern Pvt Ltd from various dummy entities associated with Lallan Singh, funds which were then used to expand Torres Jewellery business operations in Mumbai.
The ED carried out searches at various premises in Mumbai and Jaipur including, the residential premises of arrested accused Sarvesh Surve, director of M/s. Platinum Hern Pvt Ltd in Umarkhadi, Mumbai,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, uncovering further evidence related to the fraudulent schemes.
