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The Economic Offences Wing (EOW) of the Mumbai police has launched a comprehensive investigation into the Torres Ponzi scheme, a massive investment fraud that has allegedly defrauded thousands of investors across the Mumbai Metropolitan Region (MMR). The case, initially handled by the Shivaji Park police station, was officially transferred to the EOW on Wednesday, allowing for a more thorough investigation into the complex financial transactions involved. The EOW is meticulously scrutinizing all financial records of Platinum Hern Pvt Ltd, the company operating under the Torres brand, since its inception in February 2024. This deep dive into the company's financial history aims to trace the flow of funds, identify potential money laundering activities, and determine if any of the ill-gotten gains were transferred abroad. The scale of the investigation is substantial, reflecting the significant impact of the fraud on countless victims.
Three key individuals – Taniya Xasatova alias Tazagul Karaxanovna Xasatova (general manager), Sarvesh Ashok Surve (director), and Valentina Ganesh Kumar (store in-charge) – have been arrested and are currently in police custody until January 13. A dedicated EOW team is actively interrogating these individuals to uncover further details about the scheme's operations and the identities of other potential accomplices. The investigation also extends to two alleged key conspirators and company founders, Tausif Reyaz alias John Carter and Ukrainian national Victoria Kovalenko, against whom Look Out Circulars have been issued to prevent their escape from the country. The urgency of the investigation underscores the severe financial distress caused to numerous individuals who invested their savings into the fraudulent scheme.
The initial spark igniting the investigation was the outcry from thousands of distraught investors who gathered outside Torres jewellery showrooms in Dadar and Sanpada on January 6th. These protests erupted after the company abruptly stopped paying promised weekly interest payments in late December 2024. An FIR was subsequently filed based on a complaint from a vegetable vendor who alleged losses of Rs 4.5 crore, with the total fraud amount initially estimated at Rs 13.48 crore from 66 investors. However, police now believe that the total amount defrauded could reach a staggering Rs 1,000 crore, affecting over 1.25 lakh individuals. Many victims, desperate to earn high returns, liquidated Fixed Deposits (FDs), took out high-interest loans, and even mortgaged their houses and jewelry to invest in the scheme. For them, the fraudulent actions of the Torres company represent not only a financial catastrophe but also the shattering of their life savings and future plans.
The Torres brand, with its alluring promise of weekly interest ranging from 4-20%, presented an offer too good to be true. The lure of these extraordinarily high returns proved irresistible for many, leading them to invest substantial sums. The police have highlighted the fact that Platinum Hern Pvt Ltd, the entity behind the Torres brand, operated without the necessary permission from the Reserve Bank of India (RBI) or any other relevant government body, making their investment-gathering activities illegal. The police have seized hard disks from the company's Dadar office to analyze the extent of the investments received, and over Rs 10 crore has already been frozen in various bank accounts linked to the company. Nearly 1500 investors have approached the police to report their losses, and a dedicated team within the EOW is systematically documenting the details of each investor's transactions.
Adding another layer of complexity to the investigation is the unexpected allegation against Abhishek Gupta, a former company employee identified by the police as a whistleblower. Mr. Gupta had written to the Mumbai police on December 30, 2024, and January 3, 2025, detailing alleged financial irregularities within the company. He also claims to have visited the police headquarters. Despite this, the Torres company has launched a social media campaign targeting Mr. Gupta, labelling him as a mastermind behind the alleged fraud. They have posted videos and messages on Instagram and their website, offering a substantial reward for information leading to his apprehension, and accusing him of orchestrating a coup and encouraging others to commit robbery. The company's actions raise questions about potential efforts to deflect attention from its own culpability. However, a senior police officer clarified that Mr. Gupta is not considered a suspect, and that he has himself filed a police complaint citing threats against him.
The contrasting narratives presented by the Torres company – claiming innocence and promising refunds while simultaneously pursuing a campaign against a supposed whistleblower – only serve to further obfuscate the truth. The absence of any formal communication from the Torres company or its parent company to the police regarding the operations of the alleged Ponzi scheme only deepens suspicions surrounding the scheme's organizational structure and intentions. The EOW's investigation is expected to continue for an extended period, as it delves into the intricate web of financial transactions and uncovers the full extent of the fraud. The outcome of this investigation will not only determine the fate of those arrested but also highlight the need for stronger regulatory oversight to prevent similar fraudulent schemes from preying on vulnerable investors in the future.
Source: Torres Ponzi scheme: EOW begins probe, scrutinizes company’s transactions, schemes details