A massive financial scam has rocked Mumbai, with Torres Jewellers accused of defrauding investors of over ₹13.48 crore. The Shivaji Park Police have filed an FIR against the company’s directors and CEO, following complaints from scores of investors who gathered outside the company’s Dadar office demanding the return of their money after promised returns abruptly stopped.
The FIR, registered under Sections 318(4), 316(5), and 61 of the Bharatiya Nyaya Sanhita (BNS), and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act, names Platinum Hern Pvt. Ltd., which operates the Torres Jewellers brand. The accused include directors Sarvesh Ashok Surve and Victoria Kovalenko, CEO Taufik Riaz alias John Carter, General Manager Tania Casatova, and Store In-Charge Valentina Kumar. The case has now been handed over to the Economic Offences Wing (EOW) for further investigation, but no arrests have been made yet.
Investors, many of whom had invested substantial sums, claim they were lured into schemes offering a guaranteed 10% weekly return. For over a year, the company appeared to honor its promises, maintaining regular payouts until December 2024. However, payments abruptly ceased two weeks ago, sparking outrage and panic among investors. Police were deployed at the company’s premises to manage the growing crowd of frustrated victims.
The fraudulent scheme involved enticing investors to purchase moissanite stones and gems with a promise of an 11% weekly cashback on the purchase value for one year. A ₹1 lakh investment was assured to yield ₹11,000 weekly, translating into a staggering ₹5.72 lakh in returns within a year—an unsustainable 400% profit. The firm’s tactics included flashy interactive sessions, expensive giveaways, and aggressive social media campaigns to attract potential investors.
DCP (Zone I) Prakash Gaikwad stated, “Based on a complaint received two days ago, we initiated investigations; however, the showroom was already closed. The process to register an offence at the Navghar police station was underway.”
With growing allegations and the discovery of more victims, the financial losses could potentially run into crores. The unfolding scandal has left investors angry and desperate, while the accused remain at large, raising urgent questions about regulatory oversight and investor protection.
