Editor’s Note
A Mumbai court has discharged chartered accountant Abhishek Gupta from a money laundering case related to the Torres Jewellers Ponzi scheme, citing insufficient evidence connecting him to the proceeds of the alleged crime. The case against twelve other accused in the ₹177 crore scam continues.
A Mumbai court discharged Chartered Accountant Abhishek Gupta in a money laundering case. The case involves the Torres Jewellers Ponzi scheme. The court cited a lack of evidence linking Gupta to the crime proceeds. However, the court acknowledged the complaint against twelve other accused. These individuals are allegedly involved in the 177 crore rupees scam.
MUMBAI: Observing that there is no evidence to indicate that he was actually involved in any process or activity connected with the proceeds of crime, a special PMLA (Prevention of Money-Laundering Act, 2002) court on Tuesday discharged the chartered accountant and statutory auditor Abhishek Gupta.
Gupta, who claimed to be a whistleblower, was named by the Enforcement Directorate (ED) as an accused in its chargesheet in the Rs 177 crore money laundering case connected to the Torres Jewellers Ponzi scheme case.
Taking cognisance of the prosecution’s complaint against 12 other accused, the judge said that the evidence prima facie shows that there are sufficient grounds for proceeding against them. The judge summoned the accused.
Defence advocate Mithilesh Mishra submitted that Gupta, in his capacity as statutory auditor, neither participated in nor had knowledge of any alleged money laundering activities. It was further argued that the prosecution failed to produce any prima facie evidence to indicate his active involvement in the purported offence.
The ED filed a complaint alleging that Platinum Hern Pvt Ltd (PHPL), also known as Torres Jewellery, orchestrated a large-scale financial scam. The company is accused of luring investors with promises of exceptionally high weekly returns, ranging from two to nine percent on investments in gold, silver, diamonds, and precious gemstones. They also offered “Investment Bonuses” of 20% for new investor referrals, creating a chain-like system.
Investigations allegedly revealed that PHPL marketed synthetic moissanite stones, valued at approximately Rs 230, as high-value investments, despite customers paying significantly more (e.g., Rs 6240). The ED stated that the company reinforced the false narrative of high returns by providing weekly bonuses. Further deceptive practices included the failure to disclose foreign directors’ identities, using unlicensed lucky draws, and unregulated advertising on platforms like Instagram and WhatsApp.
The ED’s investigation, initiated based on multiple FIRs from various police stations in Mumbai and Thane, uncovered that PHPL did not possess the necessary licences to accept public deposits. The total proceeds of crime identified in the complaint amounted to Rs 177 crore. During the course of the investigations, the ED conducted search and seizure operations, attaching proceeds of crime worth Rs 1.75 crore. Among the accused are Platinum Hern Pvt Ltd and Torres Jewellery.
Alpesh Khara, alleged hawala entry operator, is allegedly responsible for converting cash into USDT cryptocurrency for PHPL’s management. He is also accused of handing over cash collected from customers to others to purchase USDT.
Sagar Mehta, a cash handler, Oleksandr Zapichenko alias Alex, and Olena Stoian, Ukrainian nationals, are allegedly responsible for the incorporation of PHPL in India. Another Ukrainian national, Viktoria Kovalenko, director of PHPL, is alleged to have maintained a secret identity.
Among other officials of the company are director Sarvesh Surve, CEO Tausif Reyaz alias John Carter, and general manager Tazagul Khasatova alias Tanya.