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ED Seizes ₹6.3 Crore in Fresh Raids on Torres Jewellery Money Laundering Network

The crackdown targeted angadia and hawala operators in Mumbai and Surat, uncovering unaccounted cash and digital evidence tied to the Ponzi scheme.

On January 7, 2025, investors gathered in large numbers outside the office of Torres Jewellers in Dadar, Mumbai, demanding the return of their principal amounts after the company failed to pay the promised returns on its investment schemes. (Photo by Raju Shinde/HT Photo) (Hindustan Times)
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Overview

  • The Enforcement Directorate (ED) seized ₹6.3 crore in cash during raids on angadia and hawala operators linked to the Torres Jewellery money laundering case.
  • Investigators found that cash collected from Torres Jewellery customers was funneled through hawala networks and converted into USDT cryptocurrency to obscure its origins.
  • Key suspect Alpesh Khara, arrested in March, allegedly facilitated cash movements for foreign nationals Oleksandr Zapichenko and Olena Stoian, earning a commission for his role.
  • The ED previously froze ₹21.75 crore in bank accounts in January and seized critical documents and digital devices during earlier operations.
  • Encrypted WhatsApp and Telegram groups were reportedly used by operatives to coordinate real-time cash transfers, further complicating the money trail.