MUMBAI, May 12 -- The 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 routed through hawala operators to be converted into cryptocurrency to send abroad. "Following instructions from Oleksandr Zapichenko alias Alex (an associate) and Olena Stoian (former director), Alpesh Khara, the key person, not only facilitated cash collection from Torres showrooms across Mumbai but also converted it into USDT cryptocurrency," said an ED source. On March 26, ED arrested Khara, the hawala operator, who is currently in judicial custody. Sources said Khara was a well-known Angadia's (a service used to transport cash, diamonds, and jewellery) franchise owner. The Angadia has branches across India, through which huge sums were transferred. ED's searches were carried out in Angadia premises in Mumbai and Surat. The searches have resulted in the seizure of Rs.6.30 crore and some digital devices. Earlier on January 23, the agency carried out searches in Mumbai and Jaipur, resulting in bank accounts holding Rs.21.75 crore being frozen and the seizure of documents and digital devices.HTC...