Quick Overview
The Torres Ponzi scheme, operated by Platinum Hern Pvt Ltd, has led to significant financial losses for thousands of investors in India. The Mumbai Police, through the Economic Offences Wing (EOW), has issued a blue corner notice via Interpol against eight Ukrainians and a Turkish national linked to the fraud, which reportedly defrauded investors of nearly ₹1,000 crore. The investigation is ongoing, with efforts to locate the scheme’s CEO, Tausif Reyaz, alias John Carter, who is currently on the run.
Key Points
Ukraine masterminds offered fraudulent investment schemes that attracted around 60,000 investors, promising returns up to 500% annually.
Transferred ₹200 crore abroad using cryptocurrency and hawala channels.
Company officials and hawala operators Arrested, while the search for the CEO continues.
Detailed Breakdown
Fraudulent Operations
The Torres Ponzi scheme was characterized by its Multi-Level Marketing (MLM) style and extravagant promises of high returns. Investors were initially drawn in with incentives like luxury items and high-interest rates, but by late December, the promised returns began to default, causing panic among investors.
Found International Connections
The investigation revealed that the masterminds of the scheme had transferred substantial amounts of money abroad. Emails from whistleblowers indicated that over ₹200 crore was converted into USDT (Tether cryptocurrency) and sent out of India. The involvement of foreign nationals and hawala operators suggests a sophisticated cross-border operation.
What About Arrests and Ongoing Investigations
The EOW has arrested several key figures, including Taniya Xasatova, the general manager, and Sarvesh Ashok Surve, a director. Additionally, Alpesh Khara, a hawala operator, has been implicated in the illegal conversion of cash to cryptocurrency. The police have issued a blue corner notice for the eight suspects, including the Turkish national Mustafa Karakoc and several Ukrainians.
What about Investors Money Recovery?
The fallout from the scheme has led to widespread protests from investors who have lost their savings. Reports indicate that nearly 4,000 investors have approached the EOW, claiming losses totaling ₹57 crore. Many individuals took significant financial risks to invest in the scheme, believing in the promised returns.
Legal Context
The police have registered multiple FIRs across various jurisdictions, reflecting the extensive nature of the fraud. The EOW continues to investigate claims of illegal gold and silver imports, as well as potential similar fraudulent activities in the accused’s home countries.
Important Details & Evidence
- Investor Losses: Approximately ₹1,000 crore lost by around 1.25 lakh investors.
- Arrests: Key arrests include Taniya Xasatova and Sarvesh Ashok Surve, with ongoing searches for CEO Tausif Reyaz.
- Cryptocurrency Transactions: Allegations of ₹200 crore being laundered through cryptocurrency highlight the scheme’s complexity.
- Whistleblower Emails: Multiple emails sent to authorities provided crucial information about the scheme’s operations and the involvement of foreign nationals.
Final Takeaways
The Torres Ponzi scheme illustrates the dangers of high-return investment offers that often lead to significant financial losses for unsuspecting investors. The involvement of international actors and sophisticated money laundering techniques complicates the investigation. As authorities work to unravel the scheme and locate the key suspects, it serves as a cautionary tale about the importance of due diligence and skepticism in investment opportunities.
