Enforcement Directorate Freezes ₹21 Crore in Jewellery Firm Assets
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Synopsis
The Enforcement Directorate has seized ₹21.75 crore in assets linked to a jewellery company involved in fraudulent investment schemes, following search operations in Mumbai and Jaipur. The company promised high weekly returns and misled investors regarding synthetic diamonds.
Key Takeaways
- ED seized ₹21.75 crore from Platinum Hern Pvt Ltd.
- Company promoted fraudulent investment schemes with high returns.
- Search operations executed in Mumbai and Jaipur.
- Incriminating documents and digital evidence collected.
- Multiple FIRs filed against the company’s directors.
Mumbai, Jan 24 (NationPress) Following a series of coordinated search operations across 13 locations in Mumbai and Jaipur, the Enforcement Directorate (ED) has confiscated assets worth ₹21.75 crore belonging to a jewellery firm that engaged in fraudulent investment schemes promising weekly returns as high as 9%, an official reported on Friday.
The Mumbai Zonal Office executed the searches against Platinum Hern Pvt Ltd under the Prevention of Money Laundering Act (PMLA), 2002. This firm was promoting deceitful investment schemes under the name Torres Jewellery.
Upon examination of several bank accounts associated with the accused enterprise, the ED discovered that ₹13.78 crore flowed into Platinum Hern Pvt Ltd's accounts from various fictitious entities tied to Lallan Singh, which were subsequently used to establish the operations of Torres Jewellery in Mumbai.
During the searches, numerous incriminating documents and digital evidence were collected.
Bank accounts containing ₹21.75 crore linked to Platinum Hern Pvt Ltd (also known as Torres Jewellery) and its associates were frozen, according to the official statement.
The investigation was prompted by an FIR filed by the APMC Police Station in Vashi, Navi Mumbai, against the directors and associates of Platinum Hern Pvt Ltd.
The FIR claimed that Platinum Hern Pvt Ltd and its leadership enticed investors with promises of substantial returns ranging from 2% to 9% weekly on investments in gold, silver, diamond jewellery, and gemstones.
Additionally, the schemes provided bonuses for recruiting new investors, establishing a referral system to lure more victims, as stated by the ED.
The agency further disclosed that Platinum Hern Pvt Ltd marketed synthetic moissanite stones as valuable investments on par with diamonds.
These stones were sold at inflated prices while misleading investors about their potential future appreciation. The company conducted seminars, advertised on social media, and organized unauthorized lucky draws to attract customers with luxurious prizes, including cars and high-end mobile phones, according to the ED.
Three additional FIRs were lodged against the directors and associates of Platinum Hern Pvt Ltd across Mumbai and Thane, including those registered at Shivaji Park Police Station, Rabodi Police Station, and Navghar Police Station, where directors and associates such as Sarvesh Ashok Surve, Victoria Kovalenko, Taufiq Riyaz alias John Carter (CEO), Olena Stoin, among others, were implicated.
