Mumbai: The Enforcement Directorate (ED) on Thursday carried out searches at multiple Angadia and hawala operator premises across Mumbai and Surat, leading to the seizure of unaccounted cash worth Rs 6.30 crore and several incriminating digital devices. The searches were carried out as part of an ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002, linked to M/s Platinum Hern Pvt Ltd, which operates under the brand name “Torres Jewellery.”
The probe originated from an FIR registered by APMC Police Station, Navi Mumbai, against the M/s Platinum Hern Pvt Ltd firm for allegedly collecting large volumes of cash from customers in exchange for Moissanite diamonds and jewellery. Instead of utilizing the funds for legitimate business, the cash was funneled through the traditional Angadia network and hawala channels before being converted into USDT, a stablecoin pegged to the US dollar, to mask its origin and final destination.
The Free Press Journal recently reported that how Alpesh Khara, a 54-year-old hawala operator currently in judicial custody, has emerged as a key link in the financial web of an international money laundering syndicate.Khara, allegedly employed a layered network of handlers, intermediaries, and agents to move large volumes of cash without leaving a digital trail. The ED’s investigation revealed that Khara collected substantial sums of cash from Torres Jewellery showrooms across Mumbai, acting on instructions from the accused foreign nationals Oleksandr Zapichenko (alias Alex) and Olena Stoian. He is further accused of assisting in the conversion of these funds into USDT cryptocurrency, making it easier for the illicit money to be funneled across international borders.
Investigators discovered that Khara established encrypted WhatsApp and Telegram groups to manage real-time cash pick-ups and deliveries. Employees at Torres Jewellery’s Dadar showroom allegedly followed Khara’s digital directives, releasing cash only after a unique handover code was verified. The specified amounts were then handed over to brokers and agents appointed by Khara, ensuring the smooth flow of illicit funds without detection.
The ED's findings indicate that the cash, once collected, was dispersed across various Indian cities via Angadia channels before being converted into USDT cryptocurrency. Alpesh Khara, a franchisee of a well-known Angadia entity with branches across India, facilitated the exchange of substantial amounts of cash through these branches, along with other hawala operators. The ED’s investigation revealed that once collected by intermediaries, Angadia and hawala operators, the cash was routed to clients across the country who held USDT cryptocurrency in their wallets. After receiving the cash, these clients transferred equivalent crypto assets to offshore wallets controlled by the syndicate. investigation further revealed that Khara received a 2% commission from Zapichenko for his role in facilitating the illicit transactions.
One of the most concerning aspects of this operation, according to the ED, was the absence of a digital money trail. Cash was physically moved through the network, and third-party crypto handlers were employed to ensure the illicit funds were transferred internationally without leaving a trace.
Earlier ED action in January had led to the freezing of bank accounts amounting to Rs 21.75 crore and the seizure of key documents and digital storage devices.
