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Torres scam: EOW suspects role of 11 more foreign nationals, mostly Ukrainians

Jan 14, 2025 09:13 AM IST

A court extended police custody of three accused in the Torres Jewellery Scam, as 11 foreign nationals remain wanted and investigations continue

MUMBAI: A special MPID (Maharashtra Protection of Interest of Depositors) court on Monday extended the police custody of the three accused arrested in connection with the Torres Jewellery Scam, after the Economic Offences Wing (EOW) informed the court that 11 foreign nationals—mostly Ukrainians—were still wanted in the case.

The woman who stole the jewellery was arrested in Manali.
The woman who stole the jewellery was arrested in Manali.

Sarvesh Ashok Surve, director of Platinum Hern Pvt Ltd, which owns the brand Torres Jewellery, its general manager Tania Kasatova, an Uzbek national, and its stores in-charge Valentina Ganesh Kumar, a Russian who has purportedly married an Indian man, were remanded to EOW custody till January 18.

Seeking this extended police custody, the investigating body said it had recovered over 16.29 lakh during the personal search of Kasatova and Valentina, and around 77.15 lakh from the Kasatova’s residence. In addition, the officers recovered 5.98 crore of cash from the showrooms and offices of Torres.

The initial probe into the scam has revealed that the fraud jewellery stores chain sold fake diamonds to customers/investors who were lured with 6% weekly returns on their investment in Moissanite stones or lab-grown American diamonds.

The prosecution said that the accused had spent 25 crore on renting showrooms, purchasing furniture, and buying jewellery, and the amount paid to the accused could have been sent abroad illegally, which required a thorough investigation. The investigating officers submitted that lookout circulars had been issued against the 11 foreign nationals, adding that they were yet to complete the investigation into the whereabouts of the other accused.

EOW officials said that it was still trying to investigate where the accused had bought the fake diamonds goods and added that they were also looking for the mastermind behind the fraud.

During the investigation, it was found that the accused were operating without a valid license from the Reserve Bank of India (RBI), and were involved in money-laundering activities. Platinum Hern Pvt Ltd cheated investors by promising them high returns, and used the money to purchase properties. The prosecution said that it needed custody of the accused to recover the amount.

Advocates Atish Utkar and Ravi Jadhav, appearing for Valentina Ganesh Kumar and Sarvesh Ashok Surve respectively, submitted that both were employees on the company’s payroll. “Kumar was receiving a salary of 70,000 initially as a translator and was later appointed as a store in-charge,” the advocates said, adding that Surve was earlier working in sales and then given a director position. Jadhav claimed that both were under constant threat from the foreign national accused and had already informed the administration about it.

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