Mumbai, January 18: The Economic Offences Wing (EOW) has arrested Alpesh Khara, a 54-year-old hawala operator from Charni Road, in connection with the INR 300 crore Torres Jewellery Ponzi scheme. Alpesh Khara, accused of facilitating illicit money transfers, is linked to a massive fraud that has defrauded thousands of investors across India.
The Torres Jewellery scheme, masterminded by Ukrainian nationals, used jewellery stores as a front for money laundering. The scheme promised lucrative returns to investors but is believed to have siphoned off crores of rupees, with funds being transferred abroad through hawala channels. Khara is accused of facilitating the transfer of at least INR 200 crore out of India in the past three months alone. Torres Jewellery Scam: Duped by Ponzi Scheme, Angry Investors Protest Outside Torres Jewellery's Offices in Mumbai and Navi Mumbai, Company Blames CEO Tausif Reyaz and CA Abhishek Gupta (Videos).
Who Is Alpesh Khara? Hawala Operator Arrested in Torres Ponzi Scam
Alpesh Khara, a hawala operator, allegedly worked with the Ukrainian nationals to launder large sums of money, initially bringing cash into India and later funnelling defrauded amounts out, including cryptocurrency transactions through USDT (Tether). Police say Khara has been uncooperative during questioning and even destroyed records of his transactions.
Abhishek Gupta, a chartered accountant who audited the accounts of Platinum Hern Private Limited (the company behind the Torres brand), has alleged that Khara was central to these illegal transactions. Gupta, a whistleblower, had raised alarms about the fraud to investigating agencies well before the main suspects fled the country. Marriage Fraud in Maharashtra: Bhopal Man Dupes Mumbra Woman of INR 13.5 Lakh After Meeting Her on Matrimonial Website and Promising To Marry Her.
In a major breakthrough, the EOW has seized INR 6.74 crore in cash and INR 4.83 crore worth of jewellery, bringing the total seizure to INR 15.84 crore. As of now, more than 5,000 complaints have been filed, with losses estimated at INR 84 crore, and authorities expect more victims to come forward.
The investigation has revealed that Torres Jewellery operated six stores in Mumbai and duped around 1.25 lakh investors with promises of high returns on investments in lab-grown diamonds. The company is also accused of engaging in money laundering and purchasing benami properties. Khara has been remanded in police custody until January 21 as the investigation into the Torres Jewellery scam continues.
(The above story first appeared on LatestLY on Jan 18, 2025 07:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).