ED Seizes Rs. 6.3 Crore Linked to Illegal Transfers in Torres Jewellery Case:

ED Seizes Rs. 6.3 Crore Linked to Illegal Transfers in Torres Jewellery Case The Directorate of Enforcement (ED), Mumbai, carried out an investigation in Mumbai and Surat on May 5, 2025, under the Prevention of Money Laundering Act (PMLA), 2002. The search was conducted at 4 properties as a part of an ongoing investigation involving M/s Platinum Hern Pvt Ltd, which runs under the name "Torres Jewellery." The investigation was started as there was a case registered by AMPC Police Station, Navi Mumbai. During the investigation, it was found that M/s Platinum Hern Pvt Ltd. has gathered a large amount of cash from the sale of Moissanite Diamonds and other jewellery from its customers. However, this cash was not used for the business activities but was funneled through hawala operators, who later converted this money into USDT cryptocurrency. Alpesh Khara played a key role in this scam. On the instructions of Oleksandr Zapichenko alias Alex and Ms Olena Stoian, he helped collect a large amount of cash from Torres showrooms located in Mumbai and assisted them in converting the money into USDT. The ED arrested Alpesh Khara on 26.03.2025 and he remained in the custody of the ED from 26.03.2025 to 01.04.2025. During the investigation, ED also found out that Alpesh Khara owned a franchise of one of the known Angadia entities, and through the branches of Angadias, he funneled large sums of cash. ED conducted an investigation at these angadias and hawala operators in Mumbai and Surat. During the investigation, it seized Rs. 6.30 crore along with digital devices. The previous investigation in this case led to the freezing of bank accounts amounting to Rs. 21.75 Crore.