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Multi-crore Torres Jewellery scam: ED freezes 21.75 crore, seizes documents, digital evidence

Jan 25, 2025 08:06 AM IST

ED raids 13 locations in Mumbai, Jaipur in Torres Jewellery scam, freezing ₹21.75 crore linked to fraudulent investment schemes under PMLA.

MUMBAI: The Enforcement Directorate (ED), which is investigating the multi-crore Torres Jewellery scam, conducted searches at 13 locations across Mumbai and Jaipur, resulting in the seizure of several documents, digital evidence, and the freezing of bank accounts totaling 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.”

Multi-crore Torres Jewellery scam: ED freezes <span class='webrupee'>₹</span>21.75 crore, seizes documents, digital evidence
Multi-crore Torres Jewellery scam: ED freezes 21.75 crore, seizes documents, digital evidence

Preliminary findings indicate that funds worth approximately 13.78 crore were allegedly received in the accounts of M/s Platinum Hern Pvt Ltd from various shell entities linked to an individual identified as Lallan Singh. These funds were reportedly used to establish Torres Jewellery’s business operations in Mumbai, according to ED sources.

The frozen funds, amounting to 21.75 crore, were identified during searches at 13 locations in Mumbai and Jaipur. These operations were carried out under the provisions of the Prevention of Money Laundering Act (PMLA) and are linked to M/s Platinum Hern Pvt Ltd and its affiliates, according to an ED statement.

The ED’s searches covered multiple premises in Mumbai and Jaipur, including the residential property of Sarvesh Ashok Surve, director of M/s Platinum Hern Pvt Ltd, in Umarkhadi, Mumbai. Additionally, offices of associated entities such as M/s Gemethyst in Kishanpole Bazar, Jaipur, and M/s Stellar Trading Company in Johri Bazar, Jaipur, and Kalbadevi, Mumbai, were raided.

Residential premises of Lallan Singh, an alleged key associate, in Mulund, Mumbai, and Alpesh Khara, a suspect, at Opera House, Mumbai, were also searched. These operations reportedly yielded further evidence related to the fraudulent schemes.

The case stems from an FIR registered by the APMC police station in Vashi, Navi Mumbai, on January 6. Further investigations revealed three additional FIRs filed across Mumbai and Thane, including at Shivaji Park, Rabodi, and Navghar police stations. The directors and associates of M/s Platinum Hern Pvt Ltd—including Sarvesh Ashok Surve, Victoria Kovalenko, Taufiq Riyaz alias John Carter (Chief Executive Officer), and Olena Stoin—are among those charged in these cases.

Fraudulent schemes promising high returns

According to the FIR registered by the APMC police station, M/s Platinum Hern Pvt Ltd and its directors allegedly lured investors with promises of lucrative returns ranging from 2% to 9% on a weekly basis for investments in gold, silver, diamond jewellery, and gemstones. The schemes also incentivised investors with bonuses for recruiting others, creating a referral system to attract more participants.

The company allegedly marketed synthetic moissanite stones as high-value investments comparable to diamonds. These stones were sold at inflated prices while misleading investors about their potential appreciation. Additionally, M/s Platinum Hern Pvt Ltd is accused of organising seminars to promote its schemes, advertising on social media platforms, and conducting unlicensed lucky draws. These draws enticed customers with promises of “luxury rewards”, including cars and expensive mobile phones, ED sources said.

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