Mumbai: In a significant development in the multi-crore Torres scam, the fourth arrest has been made. The accused, identified as Alpesh Khara (54), is suspected of operating a hawala network and facilitating the transfer of crores of rupees involved in the Torres Scam to foreign countries. Earlier, the EOW officers conducted searches at Khara's office in Girgaon.
Khara was produced before the MPID court, which remanded him to police custody until January 21 for further investigation. The authorities are probing his role in laundering funds linked to the fraudulent investment scheme that has defrauded numerous investors.
The Economic Offences Wing (EOW) of Mumbai Police has made a major arrest in the multi-crore Torres scam, apprehending a hawala operator responsible for transferring over ₹200 crore abroad. The accused, identified as Alpesh Khara (54), operates a hawala business in Girgaon and was arrested after prolonged interrogation. DCP Sangramsingh Nishandar of EOW confirmed the arrest, stating that Khara had been misleading investigators, but evidence collected during the probe confirmed his role in the scam. The accused Khara has disposed of all documents related to the Torres Hawala operations.
According to police sources, Khara facilitated illegal money transfers on behalf of absconding accused Taufiq Riaz and Alex. The investigation revealed that Khara moved funds through hawala channels to destinations suspected to include Dubai and Ukraine. Authorities are now analyzing records to pinpoint the exact flow of funds and their final destinations.
During a search of his office, EOW officials recovered shredded documents, which were pieced together to uncover critical evidence. These findings exposed Khara's active involvement in laundering the scam proceeds. The number of complainants in the Torres scam has now reached 6,000, with the total fraud exceeding ₹87.63 crore. The scam involved luring investors with lucrative returns before siphoning off their funds. So far, the EOW has seized ₹6.74 crore in cash, ₹15.84 crore from company bank accounts, and gold and silver worth ₹4.53 lakh.
The total assets seized in connection with the scam amount to ₹27.13 crore. Authorities are intensifying their search for other absconding accused and are examining additional leads related to offshore accounts and hawala operations.
