The Economic Offences Wing (EOW) of the Mumbai Police has taken over the investigation into a multi-crore investment scam involving Torres jewellery, an official confirmed on Wednesday.
The scam centers around Platinum Hern Private Limited, which operates the Torres jewellery brand in Dadar, central Mumbai. The company and its directors are accused of defrauding investors of over ₹13.48 crore by promising high returns on investments, the official said.
Three top executives of the firm, including two foreign nationals, were arrested on Tuesday evening and remanded to police custody until January 13. The accused include Sarveh Ashok Surve (30), an Aadhaar card operator and director of Platinum Hern Private Limited, Uzbek national Tania alias Tazagul Karaxanovna Xasatova (52), the firm’s general manager, and Russian national Valentina Ganesh Kumar (44), the store in-charge.
“The scope of the investigation warranted the case’s transfer to the EOW,” the official explained. A team of EOW officers has collected documents from the Shivaji Park police station and will continue the investigation.
The scam came to light on Monday evening when over 300 investors gathered outside the Torres store in Dadar West’s Vastu Central building, protesting the firm’s failure to pay the promised returns.
Initial investigations revealed that 66 investors had collectively lost ₹13.48 crore to the scheme. The firm allegedly lured investors by offering a 6% weekly return on investments in Moissanite stones, a silicon carbide material used in jewellery and industrial applications. After encouraging customers to purchase these stones, the accused convinced them to reinvest in the brand, police said.
Authorities have issued a lookout circular (LOC) for two other suspects involved in the scam—Ukrainian national Victoria Covalenko and company CEO Taufiq Riyaz, alias John Carter—who are currently absconding.
The fraudulent scheme has affected hundreds of investors from Mumbai and surrounding suburbs, including Navi Mumbai and Mira Bhayandar, further amplifying the scam’s scale and impact.
