Torres Jewellery Scam: A Multi-Crore Fraud Unveiled

A massive financial scandal has emerged in Mumbai, surrounding the Torres Jewellery chain. The company has been accused of defrauding nearly 4,000 investors, with the fraud now believed to potentially exceed hundreds of crores of rupees. Investigations are ongoing, with the Economic Offence Wing of Mumbai Police handling the case.

The Promises and Deception Behind Torres Jewellery’s Fraudulent Scheme

Launched in February 2024, Torres Jewellery attracted investors with promises of high returns, offering weekly interest rates ranging from 6% to 20%. The company also presented rewards such as flats in the Mumbai Metropolitan Region, luxury cars, iPhones, and precious gems. 

However, these rewards were part of a larger multi-level marketing (MLM) structure, which was interwoven with Ponzi-like operations, urging participants to recruit new investors. By the end of 2024, the scheme collapsed, with investors ceasing to receive their promised returns. It was also revealed that the gems provided as rewards were fake.

Investigation and Arrests: Key Individuals in Custody

The police investigation has led to the arrest of three key figures: Sarvesh Surve, a director of Platinum Hern (Torres’ parent company), Valentina Kumar, a regional manager of Russian origin, and Tania Kasatova, an Uzbek national overseeing the stores. These individuals face serious charges under the Maharashtra Protection of Interest of Depositors (MPID) Act. 

A lookout notice has been issued for 11 additional suspects, including Viktoriia Kovalenko, a Ukrainian national and another director of Platinum Hern. Investigators suspect the fraudsters intended to expand their operations to Sri Lanka and Nepal. Furthermore, the Enforcement Directorate (ED) has launched a probe into possible money laundering activities involving the defrauded funds.

Conclusion

The Torres Jewellery scam has led to widespread financial loss, particularly among lower-middle and lower-income groups, with estimates suggesting that the fraud could extend into hundreds of crores. Investigations continue, and authorities are working to identify more victims and perpetrators involved in this elaborate scheme.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.