Hawala operator Alpesh Praveenchand Khara, who was arrested in the Torres scam, allegedly paid an advance amount for purchasing three flats in South Mumbai using funds collected from investors. Investigations have revealed that a total of ₹142 crore was embezzled from 14,157 investors in this scam. The fraud was executed through Platinum Horn Private Limited, with significant involvement from foreign nationals.
Khara reportedly paid ₹1.25 crore as an advance to a real estate developer for three apartments on the 24th floor of the Arth Darshan building. The payment was made in two installments – on November 26, 2024, and January 7, 2025. However, since he failed to pay the full ₹2 crore, the registration of the flats could not be completed, according to the builder’s statement to the police.
The scam involved collecting cash from Indian investors, which was then handed over to Khara, who converted the money into USDT (a cryptocurrency) and transferred it abroad. As per the chargesheet, some funds were deposited into the bank account of a jewelry store owned by Khara and his wife, which were later transferred to his wife’s and son’s accounts. These funds were then used to register three apartments in Khetwadi, Girgaon.
During investigations, the Economic Offences Wing (EOW) discovered that Khara was actively working for the Torres brand and had purchased diamonds worth ₹41 lakh. These diamonds were allegedly used to lure investors into the scheme. Additionally, Khara deleted some crucial data from his mobile phone, and authorities are now seeking cyber forensic assistance to recover it. There are indications that these records might contain evidence of direct communication with absconding foreign accused.
At least 11 accused, including 8 Ukrainian and 1 Turkish national, remain absconding. The Mumbai Police Special Investigation Team (SIT) has been actively pursuing the case, and Interpol has issued a Blue Corner Notice against the foreign suspects. The key accused identified are Olena Stoian,Victoria Kovalenko,Mustafa Karakoch,Oleksandr Boravyk,Oleksandr Zapychenko,Oleksandra Brunkiwska,Oleksandra Tredokhib, Artem Oliferchuk and Iyurchenko.
Investigations have revealed that nine of the accused fled India between November 2024 and January 2025, traveling via Poland, Dubai, and Bangkok. Police suspect they are currently in Bulgaria, and verification is underway. With the chargesheet now filed, authorities are seeking non-bailable warrants against them. Following this, Interpol is likely to issue a Red Corner Notice, which will facilitate their arrest in foreign countries.
The police continue their investigation, and further arrests are expected as they crack down on one of the largest investment frauds in recent times.