PMLA Court Grants Release to Chartered Accountant in Torres Jewellers Matter

On Tuesday, PMLA (Prevention of Money-Laundering Act, 2002) court released the chartered accountant and statutory auditor Abhishek Gupta.

He was declared to be a whistleblower and was nominated by the Enforcement Directorate (ED) as an alleged in its charge sheet for Rs 177 crore in money laundering case linked to the Torres Jewellers Ponzi scheme case.

The RB Rote (Judge) said “Therefore, considering the limited role assigned against the accused, it shows that there are no sufficient grounds for proceeding against the accused for offence under section 3 of the PMLA.”

One of the Defence advocate Mithilesh Mishra stated that Abhishek Gupta, in his possibility as statutory auditor, neither participated nor had knowledge of any reported money laundering activities. Additionally, it was said that the prosecution failed to make any clear evidence to show his active involvement in the alleged offence.

The ED has filed a complaint alleging that Platinum Hern Pvt Ltd (PHPL), also known as Torres Jewellers, planned a massive financial scam. The company is blamed of attracting investors with promises of high weekly returns, differ from two to nine percent on investments in gold, silver and others. They also offered Investment Bonuses of 20% for new investor referrals.

The ED stated that the company increases the misinformation of high returns by giving weekly bonuses. Additionally he said misleading practices included the failure to disclose foreign director’s identities, using unlicensed lucky draws, and available advertising on platforms like Instagram and WhatsApp.

This investigation was based on various FIRs from multiple police stations in Mumbai and Thane, exposed that PHPL did not own the important licenses to accept public deposits. Rs. 177 crore was the total amount earning of crime identified in the complaint. throughout the investigation, the ED executed inspections and oversees other operations.

Sagar Mehta, a cash handler, Oleksandr and others are also allegedly responsible for the union of PHPL in India. and Ukrainian national and others is also alleged to have maintained a secret identity. Both the companies Astrozen Pharma Pvt Ltd and Prisah Advisory Pvt Ltd are connected to singh, are also accused in the case.

The judge found enough clear evidence against these accused and noticed direct and indirect connection in the acquisition.