ED Raids Uncover $8 Million in Mumbai and Surat Money Laundering Sting

Mumbai
(Maharashtra), India, May 10 (ANI): The Enforcement Directorate (ED)
ED
) on Friday conducted raids at four different sites across
Mumbai
and
Surat
As part of its investigation into M/s Platinum Hern Pvt Ltd (
Torres Jewellery
) as per the Prevention of Money Laundering Act (
PMLA
), 2002.

The inquiry uncovered extensive Hawala activities, resulting in the confiscation of Rs 6.30 crore in cash along with damaging digital proof.

As per an
ED
Release, Department of Enforcement
ED
),
Mumbai
The Zonal Office carried out searches throughout
Mumbai
and
Surat
On May 9, according to the regulations set forth by the Prevention of Money Laundering Act,
PMLA
) in 2002 across 4 locations as part of the continuous investigation into the case involving M/s Platinum Hern Pvt Ltd under the label ”
Torres Jewellery
.”

ED
launched an inquiry following a complaint filed by the APMC Police Station, Vashi, Navi Mumbai
Mumbai
.

”
ED
The investigation found that M/s Platinum Hern Pvt Ltd received substantial payments from clients for selling Moissanite diamonds and other jewelry. Rather than utilizing this money for proper business operations, they funneled these funds through Hawala networks before converting them into USDT cryptocurrency, according to the statement.

The crucial individual, Alpesh Khara, was instrumental not just in amassing substantial funds from Torres showrooms throughout
Mumbai
Following the directions of Oleksandr Zapichenko aka Alex and Ms Olena Stoian, he also helped convert the mentioned funds into USDT cryptocurrency. Alpesh Khara was subsequently apprehended.
ED
On March 26, they were taken into custody.
ED
from March 26 through April 1.

“The investigation uncovered that Alpesh Khara was among the franchise owners of an established Angadia organization with multiple branches throughout India. Significant amounts of money were transacted via these Angadia branches along with several other Hawala operators,” the statement explained.

ED
conducted searches at those Angadias/Hawala operators
Mumbai
and
Surat
, who helped facilitate such Hawala transactions at
Mumbai
and
Surat
led to the confiscation of a substantial amount of Rs 6.30 crore in cash along with incriminating digital devices. Previous searches carried out on January 23 led to the blocking of bank accounts totaling Rs 21.75 crore and the seizure of incriminating documents and digital devices.

Ongoing inquiries are currently being pursued. (ANI)