Torres Ponzi scam: Maharashtra government orders attachment of assets worth ₹18 crore

The assets to be attached belong to company’s chairperson, directors, managers, promoters, employees and other persons allegedly associated with the scheme.

The Maharashtra government has ordered attachment of properties and assets worth nearly ₹18 crore linked to the Torres ponzi scam, which duped more than 1 lakh investors by promising unrealistic returns on investments in gemstones and jewellery.

Police personnel stand guard outside Torres Company’s office. (ANI)

The Torres jewellery brand, which had stores in Mumbai, Thane, Navi Mumbai and Mira Bhayandar, was run by parent company Platinum Hern Pvt Ltd. The assets to be attached belong to the company’s chairperson, directors, managers, promoters, employees and other persons allegedly associated with the scheme.

The scam surfaced in late 2024, when payouts stopped and Torres outlets abruptly shut, forcing investors to approach the police. More than ten arrests have been made but the scheme’s Ukrainian masterminds have fled overseas.

Police said they have received complaints from 14,157 investors under various schemes run by the Torres stores, claiming they were defrauded of ₹142.58 crore.

Now, the government, via an order dated July 28, has ordered the attachment of 24 bank accounts held in the names of Platinum Hern Pvt Ltd and several individuals and entities allegedly linked to the scheme. These include Sarvesh Surve, Tazagul Khasatova, Karaxanovaa Xasatova, Tanya Xasatova, Mohammad Tausif Riyaz, Alpesh Khara, A and A Jewellry, Prisah Advisory Private Limited, Prisah Finance and Investment INC, Miracle, Lallan Jameedar Singh, Astrozen Pharmaceuticals Private Limited, Mulund Online Services and Sunil Restaurant and Bar.

The assets to be attached include ₹9.58 crore in cash recovered during police searches at 13 locations including Torres showrooms, offices and residences; 3.89kg of gold valued at around ₹3.79 crore; 85.18kg of silver valued at ₹88.68 lakh; 33,326 precious stones valued at around ₹1.53 crore; furniture, electronic equipment and other articles valued at ₹2.19 crore.

The properties and assets will be attached under sections 4(1) and 5(1) of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (MPID Act).

The company and individuals associated with it have been booked under various sections of the Bhartiya Naya Sanhita, 2023 and sections 3 and for cheating investors under the MPID Act.

A senior home department official said, “A deputy collector has been appointed to assess the value of the attached properties. Following the court’s clearance, these properties will be auctioned to recover the investors’ money.”