Mumbai: A special MPID court recently allowed the sale of seized gold, silver, and moissanite stones from Platinum Hern Pvt Ltd. and others in the Rs 142-crore Torres Jewellers Ponzi scheme case. The proceeds from the sale are to be deposited in a dedicated bank account opened for investigations. The order was passed by the court in response to an application filed by the Economic Offences Wing (EOW), Mumbai. The case stems from a complaint lodged by Pradeepkumar Vaishya, a vegetable seller from Khar West. According to the EOW’s plea, during ongoing investigations, substantial quantities of gold, silver, and moissanite stones were seized from the showrooms of the accused company. The EOW requested the court’s permission to sell these valuable assets and deposit the funds in the State Bank of India, Mandvi, Mumbai, branch. Judge NP Mehta’s order dictates that a valuation report for both metals and moissanite stones must be obtained, and the items are to be sold according to their stated value in the report. A panchnama (record of observations by witnesses) detailing the sequence of the sale of this valuable property, with the valuation report annexed, is also mandated. Crucially, the Joint Commissioner of Police, EOW, Mumbai, has been tasked with overseeing the sale and providing sanction as per rules, with a report of compliance to be submitted. Further, the entire proceedings of the sale are to be video recorded. In March, the EOW submitted a chargesheet in the case. It stated the accused offered 2% higher returns for cash investments as part of their criminal conspiracy to facilitate the misappropriation of the invested funds. The chargesheet stated that investors interested in making online payments were discouraged with excuses like slow internet or network issues and were forced to invest in cash. Shivaji Park police on January 6 registered an FIR in the alleged investment fraud case. Office-bearers of Platinum Hern Pvt Ltd, which ran Torres Jewellers, were named as accused. Subsequently, police filed a 27,147-page chargesheet. Those named in the chargesheet include Platinum Hern Pvt Ltd, the company’s Uzbek General Manager Taniya Xasatova (52), Russian Store-in-Charge Valentina Kumar (44), Director Sarvesh Surve (30), CEO Tausif Riyaz alias John Carter (33), Ukrainian actor who worked in Mumbai Armen Atian, alleged hawala operator Alpesh Khara, and Lallan Singh, who allegedly converted cash into “look-like” legitimate banking transactions for the accused company. The chargesheet also cited the statements of several witnesses, including mobile phone dealers who described how the accused purchased devices worth Rs 5 crore.
