India, May 11 -- Mumbai zonal office of the Enforcement Directorate (ED) on Friday conducted searches at four premises in Mumbai and Surat in connection with the money laundering case registered against M/s Platinum Hern Pvt Ltd, which allegedly defrauded thousands of investors in a multi-crore Ponzi scheme promoted through its Torres Jewellery stores in the city.

ED's investigation is based on an FIR registered by the APMC police in Vashi, Navi Mumbai, against the firm, its directors, and senior executives allegedly involved in the fraud. M/s Platinum Hern Pvt Ltd had lured its customers to pay huge sums for moissanite diamonds and other jewellery. Agency sources said instead of using the cash for legitimate business purposes, it was ro...