New Delhi, May 10 — The Enforcement Directorate (ED) has seized Rs 6.3 crore in cash during fresh raids against "angadias" and "hawala" operators linked to the high-profile Torres Jewellery money-laundering case, the agency announced on Saturday.
According to an official statement, the ED's Mumbai zonal office carried out the searches on Friday across four premises in Mumbai and Surat. These actions are part of an ongoing probe into Platinum Hern Private Limited, which operated under the brand name Torres Jewellery.
Alleged Fraud via Moissanite Diamond Sales
The case originates from an FIR registered in Navi Mumbai. Platinum Hern Pvt Ltd is accused of defrauding customers by collecting large sums of cash in exchange for Moissanite diamonds and other jewellery, but allegedly failing to deliver on its commitments.Instead of utilizing the collected cash for legitimate business operations, the ED claims the funds were funneled through a complex network of hawala operators and eventually converted into USDT (a cryptocurrency).
Role of Foreign Nationals and Arrests
The ED has identified Alpesh Khara as a pivotal figure in the case. Khara, a known hawala operator, was arrested in March and is said to have facilitated the cash collection from Torres showrooms on instructions from foreign nationals Oleksandr Zapichenko alias Alex and Olena Stoian—allegedly among the masterminds behind the fraud.Khara is also accused of aiding in the conversion of these illicit funds into USDT cryptocurrency. He was reportedly one of the franchise owners of a well-known angadia operation with branches across the country, where substantial cash movement occurred through both angadia and hawala networks.
Details of the Latest Raids
The recent raids in Mumbai and Surat yielded Rs 6.3 crore in cash and a trove of incriminating digital devices. This follows earlier action in January, when the ED had frozen Rs 21.75 crore in bank deposits linked to the same case.Understanding the System
- Angadias are traditional couriers who physically transport large sums of cash across regions.
- Hawala operators conduct unofficial money transfers, often using shell or dummy accounts to move funds without leaving formal banking traces.
