Torres jewellery scam: Accountant alerted police, but action delayed

MUMBAI: After a ₹1,000-crore investment scam, Torres jewellery's accountant exposed fraud but received threats. Police investigate allegations of a Ponzi scheme.

MUMBAI: Three days after the massive ₹1,000-crore investment scam involving the Torres jewellery firm came to light, the police revealed that its head accountant, Abhishek Gupta, had raised the alarm. Gupta had filed complaints with multiple authorities, including the Mumbai Police and the Enforcement Directorate (ED), alleging fraudulent practices by the jewellery chain. Gupta alleged that despite complaints, law enforcement did not act swiftly in the matter.

Torres jewellery scam: Accountant alerted police, but action delayed

According to the police, Gupta first submitted his complaints on December 30 and attempted to meet with several officials to detail the alleged fraud. Despite his efforts, the main accused managed to flee before a planned raid by Navi Mumbai Police at the company’s Sanpada store. Gupta, who has reportedly been receiving threatening calls, approached the Shivaji Park police station on Wednesday seeking protection.

“Gupta also visited Byculla police station on Tuesday night to report the threat calls. However, it appears the accused had already siphoned off significant funds, leaving behind only employees at the stores. We are investigating whether Gupta’s actions were entirely genuine or if he is attempting to shield himself,” said a police officer.

The company, meanwhile, has accused Gupta and its CEO, Tausif Riyaz, of being involved in vandalising and robbing the stores. This has reportedly turned the company’s investors against them.

Ponzi scheme allegations and raids

Police have received information that the company was running a Ponzi scheme, luring investors with high returns. Navi Mumbai Police, acting on tips from informants, were in the process of gathering evidence for a raid when the accused fled.

The police revealed that 750 complaints have already been registered at Shivaji Park police station as of Tuesday night. It was also discovered that the company continued accepting money from investors until Sunday morning, despite mounting suspicions. “We are investigating who is operating the company’s social media accounts, as both the website and social media platforms remain active. In fact, they even uploaded a photo of Gupta at the police station on Wednesday,” said a police officer.

The investigation has uncovered that the company owned no real estate, operating its six showrooms from rented premises. Authorities have seized several bank accounts and lockers from the showrooms and are hopeful of recovering some cash.

Key arrests and overseas connections

The police have arrested Sarvesh Ashok Surve, the director of Platinum Hern Pvt Ltd; Tania Kasatova, the general manager and an Uzbek national; and Valentina Ganesh Kumar, a Russian national married to an Indian. Both Kasatova and Kumar held key roles in the company.

Additionally, it has come to light that the company was attempting to expand its operations internationally, with plans to open showrooms in Sri Lanka.

BJP leader Kirit Somaiya has stated that the scam could potentially involve 1.25 lakh victims, with the fraud’s total value expected to exceed ₹1,000 crores.

While efforts are underway to trace the main accused, a lookout circular issued against them.

Police are continuing to probe the case, scrutinising the company’s finances and social media activities. “We are committed to recovering the investors’ money and bringing the culprits to justice,” said a senior officer.