Latest news with #TorresJewellery
Time of India
11-07-2025
- Business
- Time of India
Ukrainian national wanted in Rs 142 crore Torres Jewellers' investment fraud to be extradited
Mumbai: Lurchenko Igor, a Ukrainian national wanted in the Rs 142 crore Torres Jewellers' investment fraud, was located in Ukraine. Interpol recently informed the Mumbai police about his location, and the city police will now initiate extradition procedures to bring Igor back to India. Igor was among several foreign nationals mentioned as wanted accused in the charge sheet. On March 17, the city economic offences wing (EOW), probing the alleged investment fraud, filed a 27,147-page charge sheet. An officer earlier said they suspect that Rs 80-90 crore was sent abroad by the accused. The EOW, through the CBI Interpol, issued blue corner notices against the wanted accused. "We got information from Interpol that Igor's location was traced in Ukraine, and now we are in the process of initiating the process to extradite him to India," said the officer. The police will translate the charge sheet into Ukrainian and send it to Interpol for further action. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The 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 Jewellery, were named as accused. As investors learnt about the shutting down of the offices of the Torres Jewellery store, there was panic, and thousands of investors, mostly from the middle class, approached the police. The company was run by local employees while the foreigners conspired to cheat people. Most of the foreign accused, including Igor, fled the country in the last week of December, stating they were going to their native places and would return after celebrating Christmas. The police issued blue corner notices against Ukrainians Igor, Oleksandr Zapichenko, Oleksandra Brunkivska, Oleksandr Borovyk, Oleksandra Tredokhib, Artem Oliferchuk, Victoriia Kovalenko, and a Turkish national, Mustafa Karakoc. So far, 14,157 investors, who lost Rs 142.58 crore in the investment fraud, have come to police and submitted their complaints. ...... MSID:: 122387801 413 |
Hindustan Times
11-07-2025
- Business
- Hindustan Times
Torres Jewellery fraud case: One accused foreigner traced to Ukraine
One foreign national, who is wanted in connection with the Torres Jewellery investment fraud, has been traced to Ukraine following a Blue Corner Notice issued by the Mumbai Police. The Torres jewellery showroom in Dadar, Mumbai. (Anshuman Poyrekar/ HT Photo) According to the police, this is the first time a case accused has been traced using 'Bharatpol', which was launched by the Centre in February, 2025, to help Indian law enforcement agencies seek assistance from foreign agencies in criminal matters relating to transnational organised crime, trafficking in narcotics, migrants and arms, organized cyber crimes, economic frauds, child pornography and terrorism. The police said the foreigner, identified as Lurchenko Igor, was one among the eight Ukrainians and one Turkish national named as 'wanted accused' in the 27,147-page charge sheet filed by the economic offences wing (EOW) in March 2025. The police said they will communicate with the central government to begin the process to extradite the foreign national to India. He was traced to Ukraine in May based on the Blue Corner Notice issued by Interpol. Torres Jewellery, launched in February 2024, was an elaborate fraud in which thousands of small investors were defrauded through various investment schemes floated by its chain of six stores in Mumbai, Navi Mumbai, Mira Road and Kalyan. The investors were allegedly lured to invest in schemes that promised unbelievable weekly returns on the purchase of gold, jewellery and moissanite stones. The main accused in the case are alleged to have transferred more than ₹200 crore outside India through USDT, a cryptocurrency stablecoin. In March 2025, the EOW filed a charge sheet, invoking sections of the Bharatiya Nyaya Sanhita, 2023; Maharashtra Protection of Interest of Depositors (MPID) Act, 1999; and Banning of Unregulated Deposit Schemes Act, 2019, against eight arrested accused and 11 wanted accused, including 8 Ukrainians, one Turkish national and two Indians. As many as 14,157 investors from the city lost ₹142.58 crore to investment schemes run by Torres Jewellery stores.
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.
Hindustan Times
30-05-2025
- Business
- Hindustan Times
Torres fraud: Mapping the money trail
MUMBAI: The money laundering investigation into the Torres Jewellery fraud has revealed how the key accused used codes, software applications and instant messaging to communicate with each other, move money around, and transfer large sums to the masterminds. Torres Jewellery, whose holding company was Platinum Hern Pvt Ltd, had lured small investors to buy into its fraudulent investment schemes by selling low-value synthetic moissanite stones as high-value gemstones. It also promised exaggerated returns on its investment schemes, using misleading advertisements, fake bonuses and a Ponzi scheme to entice potential victims. The Enforcement Directorate (ED), which on May 22 charge sheeted 13 individuals and entities in the case, has estimated the fraud at ₹177.11 crore, relying on evidence or records that relate to Platinum Hern's finances and accounts, including transactions of its main showroom in Dadar, one of its five showrooms in the Mumbai Metropolitan Region (MMR). The key accused in the case are: Alpesh Khara, Sagar Mehta, Oleksandr Zapichenko alias Alex, Olena Stoian, Victoria Kovalenko, Tazagul Khasatova alias Tanya, Lallan Singh, Tausif Reyaz, Abhishek Gupta and Savesh Surve. They have been booked under sections relating to cheating and criminal breach of trust of the Bharatiya Nyaya Sanhita (BNS); the Maharashtra Protection of Interest of Depositors Act, and the Banning of Unregulated Deposit Schemes Act. Platinum Hern allegedly collected unauthorised cash deposits without the approval of the Reserve Bank of India (RBI), showing only ₹2.10 crore in its bank accounts, the ED said in its chargesheet. The ED's investigation also revealed that Platinum Hern had developed an internal software domain, called ' All the senior cashiers in all the Torres showrooms, along with employees and key managerial staff, were given access with a user ID and password. The software was allegedly used to store details of banking transactions, incoming cash and encashment transactions. It was also designed to facilitate encashment through a unique code-based authentication system, according to ED sources. The codes were allegedly sent to individuals desiring cash encashment through Telegram, an instant messaging app, according to the ED. An investigation into the unique codes revealed the alleged existence of a Telegram group named 'Cash Counter 1', through which the management used to send specific codes to authorise cash disbursements. However, this Telegram group has been deleted by the administrator, rendering the data irretrievable, according to the ED. The investigation also revealed that daily reports sent by senior cashiers to management to track daily sales, income and expenses, including the delivery of cash to specific persons, were found in another alleged Telegram group called 'Record to Report', where senior cashiers of Dadar showroom were members. The information shared within this group, did not cover all working days of a week but was confined to a few specific dates. Further, WhatsApp chats among a few accused persons and the Dadar showroom cashiers allegedly consistently used the term 'Code 2' as an internal trigger for cash pick-ups, the ED's probe found. The alleged chats were for the purpose of collection of cash from the showroom at the behest of the management of Platinum Hern. According to the ED, two key accused, both Ukrainians – Oleksandr Zapichenko alias Alex and Olena Stoian – were the key architects of the financial structuring and laundering operations. Both have fled the country. Another accused, Alpesh Khara, allegedly helped Alex convert the cash collected from customers into a cryptocurrency called 'USDT', which was then credited to digital wallets associated with individuals known to Alex. Another accused, Lallan Singh, through his proprietary concerns, allegedly transferred over ₹13 crore to bank accounts of Platinum Hern as fake investments, after accepting cash from Alex, which was generated through a co-accused against crypto-currency. 'His role was central in laundering illicit funds and creating a false front of legitimate business activity for the company,' an ED source said. He added that the agency is making continued efforts to trace further proceeds of the crime.
Time of India
30-05-2025
- Business
- Time of India
‘Torres staff used code-based system to divert 177cr funds'
Mumbai: A specialised internal software system utilised by Torres Jewellery's senior cashiers and essential staff operated through code-based authentication and thus diverted Rs 177 crore collected through their outlets from customers with expectations of higher figures, said an Enforcement Directorate chargesheet in the Platinum Hern (Torres Jewellery) case The ED said Torres' internal software recorded cash transactions using code-based verification, requiring customers at Mumbai outlets to use specific Telegram codes for cash withdrawal authorisation. Cashiers recorded payments following code verification. The company collected deposits without RBI authorisation, declaring only Rs 2.1 crore in bank accounts despite substantial unreported transactions. Torres Group's key personnel appropriated the funds for personal purposes, the ED said. The ED investigation showed an internal system accessible to senior cashiers and personnel with unique login credentials. The chargesheet is against Platinum Hern Pvt Ltd and several individuals including Alpesh Khara, Sagar Mehta, Oleksandr alias Alex, Olena Stoian, Viktoria Kovalenko, Sarvesh Surve, Tausif Reyaz alias John Carter, Lallan Singh, Abhishek Gupta, Tazagul Khasatova alias Tanya, and Astrozen Pharma and Prisah Advisory. Alex and Olena Stoian were identified as the principal designers of financial structuring and money laundering operations, providing initial funds through unlawful channels and enabling conversion of undocumented cash into apparently legitimate investments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 개수 제한 없는, 부담 없는 임플란트 개당 36만원 과잉진료 없는 치과 지금 예약 Undo Torres allegedly conducted a fraudulent operation, marketing synthetic moissanite as precious gems with unrealistic return guarantees. Their strategy included misleading advertisements, artificial bonuses and a referral system typical of Ponzi schemes. Mumbai showroom customers required Telegram-transmitted codes for cash collection. The 'Cash Counter 1' Telegram group issued these authorisation codes, according to the ED. The ED said daily reports from senior cashiers monitoring sales, income, and cash deliveries were discovered in the 'Record to Report' Telegram group, involving Dadar showroom personnel. The available information covered particular dates rather than all operational days. "Current evidence indicates proceeds of crime at Rs 177 crore with potential for increase as investigations continue." WhatsApp exchanges between Sagar Mehta, Aman, and Dadar cashiers used "Code 2" for cash collections. ED reported Alpesh Khara assisted Alex in converting customer cash to cryptocurrency.
