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Hindustan Times
10-06-2025
- Business
- Hindustan Times
Torres Jewellery fraud: MPID court allows EOW to sell seized gold, silver, moissanite stones
MUMBAI: A special MPID court on Monday allowed the Economic Offences Wing (EOW) to sell the moissanite stones, gold and silver jewellery seized in connection with the alleged Ponzi fraud perpetuated through the Torres Jewellery stores. Thousands of investors from the Mumbai Metropolitan Region lost crores of rupees in the scam. The court passed the order in response to a plea moved by the EOW to sell the seized properties. The court directed the EOW officials to finish a valuation report for the metals and the moissanite stones before selling them according to the value stated in the report. The court directed the proceeds to be deposited in a newly created bank account. The Torres fraud surfaced on January 6 this year after thousands of investors began protesting outside various stores under the Torres Jewellery brand in and around Mumbai, after being cheated of returns on their investments. These investors had been lured to invest in schemes that promised unbelievable weekly returns on the purchase of gold jewellery and moissanite stones. During the investigation, it was found that the accused were operating the company without a valid license from the Reserve Bank of India (RBI), and the company was involved in money laundering activities. The holding firm, Platinum Hern Pvt Ltd, cheated investors by promising them high returns and instead used the money to purchase properties. Special judge NP Mehta said, 'Joint CP, EOW, Mumbai shall oversee the sale of above said valuable property and accord sanction as per rules and report compliance.' It also ordered the officials to conduct a video recording of the proceedings to be part of the chargesheet. Currently, the court is hearing the bail pleas of several accused. The EOW till date has arrested six persons from Mumbai in connection with the case. The EOW has also issued Lookout Circulars and Blue Corner Notices for Olena Stoian, director of Platinum Hern; Viktoria Kovalenko, director of Platinum Hern; Oleksandr Borovyk; Oleksandr Zapichenko; Oleksandra Brunkivska; Oleksandra Tredokhib; Artem Oliferchuk; Lurchenko Igor; and Mustafa Karakoc.
Time of India
09-06-2025
- Business
- Time of India
Court allows sale of seized assets in Torres case
Mumbai: A special MPID court recently allowed the sale of seized gold, silver, and moissanite stones from Platinum Hern Pvt Ltd and others in the Rs 142-crore Torres Jewellers Ponzi scheme case. The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai. The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW's plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company. The EOW requested the court's permission to sell these valuable assets and deposit the funds in the State Bank of India's Mandvi branch. Judge NP Mehta's order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report. The joint commissioner of police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. –Rebecca Samervel
Time of India
09-06-2025
- Business
- Time of India
Court allows sale of seized assets in Torres jewellers ponzi scheme case
Mumbai: A special MPID court recently allowed the sale of seized gold, silver, and moissanite stones from Platinum Hern Pvt Ltd. and others in the Rs 142-crore Torres Jewellers Ponzi scheme case. The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai. The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW's plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company. The EOW requested the court's permission to sell these valuable assets and deposit the funds in the State Bank of India, Mandvi, Mumbai, branch. Judge NP Mehta's order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report. A panchnama (record of observations by witnesses) detailing the sequence of the sale of this valuable property, with the valuation report annexed, is also mandated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Freiburg Im Breisgau: Gutes Hören sucht 700 Testhörer für Hörgeräte ohne Zuzahlung Gutes Hören Undo Crucially, the Joint Commissioner of Police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. Further, the entire proceedings of the sale are to be video recorded. In March, the EOW submitted a chargesheet in the case. It stated the accused offered 2% higher returns for cash investments as part of their criminal conspiracy to facilitate the misappropriation of the invested funds. The chargesheet stated that investors interested in making online payments were discouraged with excuses like slow internet or network issues and were forced to invest in cash. Shivaji Park police on January 6 registered an FIR in the alleged investment fraud case. Office-bearers of Platinum Hern Pvt Ltd, which ran Torres Jewellers, were named as accused. Subsequently, police filed a 27,147-page chargesheet. Those named in the chargesheet include Platinum Hern Pvt Ltd, the company's Uzbek General Manager Taniya Xasatova (52), Russian Store-in-Charge Valentina Kumar (44), Director Sarvesh Surve (30), CEO Tausif Riyaz alias John Carter (33), Ukrainian actor who worked in Mumbai Armen Atian, alleged hawala operator Alpesh Khara, and Lallan Singh, who allegedly converted cash into "look-like" legitimate banking transactions for the accused company. The chargesheet also cited the statements of several witnesses, including mobile phone dealers who described how the accused purchased devices worth Rs 5 crore.
