It's a critical financial offence affecting the socio financial situation of the society, RB Rote, particular choose for instances below Prevention of Cash Laundering Act (PMLA), mentioned in his order of November 1.
There are allegations of cash laundering in respect of proceeds of crime amounting to Rs 177 crore and plenty of traders have suffered loss due to the act of the accused, the order said.
These behind Platinum Hern Non-public Restricted, which operated below the model identify Torres Jewelry, allegedly cheated clients after gathering money in lieu of the sale of moissanite (a naturally occurring silicon carbide) diamonds and different jewelry.
As a substitute of utilizing the mentioned money for reliable enterprise functions, it was routed by means of hawala operators and later transformed into USDT cryptocurrency.
The ED case stems from a First Data Report (FIR) filed in Navi Mumbai.The federal probe company, by means of public prosecutor Sunil Gonsalves, had sought issuance of non-bailable warrant towards absconding accused Sagar Mehta in addition to Ukrainian nationals Oleksandr Zapichenko, Olena Stoian and Viktoria Kovalenko.The ED submitted that Mehta allegedly assisted in gathering Proceeds of Crime (POC) and reportedly fled from India on December 28, 2024. Mehta has not cooperated with the investigation or responded to summons, whereas his father has knowledgeable that the accused is in Dubai, as per the ED.
The ED has mentioned Zapichenko and Stoian are key architects within the laundering operations of Platinum Hern Pvt Ltd and are concerned in offering illicit capital, changing unaccounted money into cryptocurrency and reintroducing it as reliable funding.
Kovalenko is an absconding overseas director of Platinum Hern Non-public Restricted holding 99.95 per cent shares and exercising full management over its operations and funds, the ED mentioned.
Her dominant possession and resolution making function set up direct accountability within the laundering of illicit funds, the ED mentioned, including the accused have intentionally evaded investigation by absconding.
In its order, the court docket mentioned, “The accused are concerned in a critical non-bailable offence of cash laundering and they're evading arrest. Subsequently, within the curiosity of correct, efficient investigation and trial into the intense financial offence, it's essential to situation non-bailable warrant towards the accused.”
