Torres whistle-blower approaches HC, seeks police protection

CA Abhishek Gupta, whistle-blower in the Torres Jewellery scam, seeks police protection, fearing for his life amid investor fraud claims.

MUMBAI: Chartered accountant Abhishek Gupta, who claims to be the whistle-blower in the multi-crore Torres Jewellery fraud, has approached the Bombay High Court (HC) seeking police protection, fearing for his life. The jewellery store chain is accused of defrauding thousands of investors of crores of rupees across the Mumbai Metropolitan Region.

Chartered accountant Abhishek Gupta, who claims to be the whistle-blower in the multi-crore Torres Jewellery fraud, has approached the Bombay High Court (HC) seeking police protection (Bhushan Koyande/ HT Photo)

The petition, filed through advocate Priyanshu Mishra, was mentioned for urgent hearing before a division bench of Justice Revati Mohite Dere and Justice Neela Gokhale. The bench has scheduled the matter for a hearing on Friday.

Gupta, who audited the accounts of Platinum Hern Private Limited—the entity behind Torres Jewellery—stated in his plea that he is a “vulnerable witness” facing the risk of being “eliminated by individuals responsible for the scam.”

Gupta’s petition claims that he was introduced to Platinum Hern by one of its directors, whom he informed about discrepancies in the company’s accounts. Subsequently, Gupta alleges he was summoned to the company’s corporate office in Lower Parel, where three Ukrainian nationals—two men and one woman—intimidated him. He was allegedly offered a bribe of ₹5 crore to remain silent and was threatened with harm if he disclosed the fraud.

According to reports, an FIR has been registered against the directors of Platinum Hern Pvt. Ltd., triggering unrest among depositors. Many investors recently gathered outside a Torres store in Dadar to demand justice.

The suspected ₹1,000-crore investment scam, reportedly resembling a Ponzi scheme, is under investigation. As of now, three top executives—Sarveh Ashok Surve, 30, Uzbek national Tania alias Tazagul Karaxanovna Xasatova, 52, and Russian national Valentina Ganesh Kumar, 44—have been arrested.

Gupta’s plea alleges that Ukrainian nationals were involved in the company’s operations without proper authorisation. The company lured investors with promises of exorbitant returns, ranging from 4% to 10% per week for 52 weeks, and claimed to offer annual profits of up to 520% on specific products.

What is the Scam?

Scale of fraud: Torres Jewellery defrauded 125,000 investors to the tune of ₹1,000 crore.

Business model: Launched in February 2024 as a luxury jewellery retailer, Torres opened six stores across Mumbai, operating under Platinum Hern Private Limited. The company masqueraded as a legitimate business while executing fraudulent schemes.

Promised returns: Investors were enticed with extraordinarily high returns—48% annually on gold, 96% on silver, and 520% annually on moissanite purchases, with weekly pay-outs.

Deceptive practices: The company showcased fake jewellery to gain legitimacy. Initially, they paid out returns to build trust, prompting investors to reinvest large sums. They aggressively marketed moissanite purchases, promising weekly returns of 8% to 11%.

Collapse: The abrupt closure of the company caused panic among investors. On January 6, over 500 investors gathered at the Shivaji Park police station to assist investigations, demanding accountability from the company’s executives.