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Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far

ByVinay Dalvi
Jan 12, 2025 06:50 AM IST

MUMBAI: EOW investigates Torres jewellery scam with 1,535 complaints; ₹9 crore seized. Three Ukrainians named as key accused in major Ponzi scheme.

MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police, which has taken over the investigation into the multi-crore investment scam involving the Torres jewellery firm, said they received complaints from 1,535 investors. Officials have also uncovered substantial evidence indicating widespread fraud.

Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far
Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far

During search operations at the chain’s main store in Dadar on Saturday, authorities seized cash, gold, and silver valued at approximately 9 crore. The expansive 11,500-square-foot store in Dadar, which served as the chain’s flagship outlet, had been operating at a steep monthly rent of 25 lakh, according to police sources.

“Complainants are coming forward every day. So far, we have received 1,535 complaints, but the tally of investor losses is still being calculated,” said a senior police officer.

The investigation has also led to the freezing of bank accounts belonging to Platinum Hern Private Limited, the parent company of Torres Jewellery. “We have blocked their accounts and are awaiting detailed information from the banks. Additionally, we are analysing documents to gain further insights into the Ponzi scheme,” the officer added.

Police said Torres Jewellery had opened a new outlet in Kandivali, though no significant findings are expected from there due to its recent establishment.

The EOW has named three Ukrainian nationals – Olena Stoin, Artim, and Viktoriia – as key accused in the case. A Look Out Circular (LOC) will soon be issued against two of them, Olena and Artim, who are believed to have fled the country.

“These foreign nationals, with the support of local accomplices such as Tausif and Sarvesh Surve, the director of the company, orchestrated the fraud. They distributed 15 cars as gifts, which will now be treated as proceeds of crime and seized,” said the officer.

Investigators suspect that Torres Jewellery’s promotional videos were manipulated using Artificial Intelligence (AI) to implicate the remaining directors and employees as scapegoats in the eyes of the investors.

The Ukrainian nationals allegedly marketed the scheme with exaggerated claims, including huge advertising budgets and free jewellery distribution. “We suspect the accused always intended to flee quickly, as their visas were valid for only a short duration,” the officer said.

On Saturday, aggrieved investors queued outside the EOW office to file their complaints. The scam, which came to light last Monday, has so far led to the arrest of three individuals, including two foreign women.

The First Information Report (FIR) reveals that approximately 1.25 lakh investors were defrauded. The company operated six stores across the city, posing as a legitimate business while orchestrating one of the largest Ponzi scams in recent years.

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