Two Ukrainian citizens among the originators of the Mumbai Torres investment scam

Two Ukrainian nationals, including a woman, have been named as prime accused in a multi-billion ponzi scheme that defrauded hundreds of depositors by promising them high returns on their investments in Mumbai.

The Economic Offenses Wing (EOW), which is investigating the case against the Torres Jewelers brand, will soon issue a notice of information circular (LOC) against Artem and Olena Stoin, who are believed to have fled the country. According to an EOW official, they, along with the promoters and top management of Torres, have been accused of defrauding investors of Rs 22 crore.

The police have registered a case of cheating, criminal conspiracy and criminal breach of trust. The FIR names several accused, including Platinum Hern Pvt Ltd, which operates the Torres Jewelers brand, its directors Sarvesh Ashok Surve, Victoria Kovalenko (Director), Tausif Riaz alias John Carter (CEO), Tania Kasatova (CEO) and Valentina Kumar (paid store).

The company’s office in Dadar became the focus of protests as investors demanded return of capital after the promised returns ceased.

The police received 1,535 complaints against the company, which allegedly lured investors by promising high profits on investments in moissanite stones. Platinum Hern Sp. Ltd. offered 6% weekly returns, initially gaining the trust of investors by paying out returns, but has stopped all payouts till December 30, 2024.

The complainant, Pradeep Kumar Mamraj Vaishya, a vegetable seller residing in Nariman Point, reported the alleged fraud that occurred between June 21 and December 30, 2024. He and at least seven other investors have filed complaints accusing the company of breach of trust and misappropriation of funds.

Initial investigations indicate the owner of the company is overseas and authorities are investigating potential links to associates and suppliers involved in the fraudulent scheme.

TORRES JEWELERS Accuses California CEO of Theft

Meanwhile, Torres Jewelers has published a statement on its website accusing its CEO Tausif Riaz and auditor Abhishek Gupta of theft and vandalism. The company claims the two conspired to steal valuables from one of the jewelry stores.

CCTV footage on the website allegedly shows two people stealing items and vandalizing the premises, which the company says is part of a larger conspiracy.