Mumbai, Jan 24 After coordinated search operations at 13 locations in Mumbai and Jaipur, the Enforcement Directorate (ED) seized Rs 21.75 crore worth assets of a jewellery company that floated fraudulent investment schemes offering weekly returns of up to 9 per cent, an official said on Friday.
The Mumbai Zonal Office conducted the search operations against Platinum Hern Pvt Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The company was offering fraudulent investment schemes under the brand name Torres Jewellery.
The ED scrutinised multiple bank accounts of the accused company and found that Rs 13.78 crore were received in the accounts of Platinum Hern Pvt Ltd from various dummy entities linked to Lallan Singh and these funds were used to set up business operations of Torres Jewellery in Mumbai.
During the search operations, various incriminating documents and digital evidence were seized.
Bank accounts with Rs 21.75 crore, associated with Platinum Hern Pvt Ltd (Torres Jewellery) and its affiliates, were frozen, said an official.
The ED initiated investigation in the case on the basis of FIR registered by APMC Police Station, Vashi, Navi Mumbai, against Directors and associates of Platinum Hern Pvt Ltd.
The FIR alleged that Platinum Hern Pvt Ltd, its directors, members, and managers lured investors with promises of high returns ranging from 2 per cent to 9 per cent weekly on investments in gold, silver, diamond jewellery, and gemstones.
The schemes also offered bonuses for recruiting new investors, creating a referral system to attract more victims, the ED said.
The federal agency said that Platinum Hern Pvt Ltd marketed synthetic moissanite stones as high-value investments comparable to diamonds.
"These stones were sold at inflated prices while misleading investors about their future appreciation. The company organised seminars, advertised on social media platforms, and conducted unlicensed lucky draws to entice customers with luxury rewards, including cars and expensive mobile phones," said the ED.
Three more FIRs were registered against directors and associates of Platinum Hern Pvt Ltd across Mumbai and Thane including FIR registered at Shivaji Park Police Station, FIR registered at Rabodi Police Station, while FIR registered at Navghar Police Station wherein the directors and associates, including Sarvesh Ashok Surve, Victoria Kovalenko, Taufiq Riyaz alias John Carter (CEO), Olena Stoin, and others were made accused.
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