Mumbai’s Torres Jewellery Scam Unravels: Investors Left Stranded, Massive Financial Fraud of Over ₹13 Crore

Mumbai: A major financial scandal has rocked Mumbai, leaving thousands of investors in turmoil as the Torres Jewellery Company, a firm promising exorbitant returns on artificial diamond investments, collapsed under allegations of fraud. A crowd of desperate investors gathered outside the company’s office in Dadar on Monday, demanding the immediate return of their funds.

The scam, estimated to exceed ₹13 crore, has prompted authorities to register a case against five key individuals associated with the scheme. According to the Shivaji Park Police Station, the accused—Sarvesh Surve, Victoria Kovalenka, Taufiq Riaz (also known as John Carter), Tania Kasatova, and Valentina Kumar—face charges under Sections 318(4), 316(5), 61, BNS, and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act.

A False Promise of High Returns

Torres Jewellery, which marketed itself as a foreign enterprise dealing in artificial diamonds, gold, and silver ornaments, opened its first Mumbai office last year in Dadar. The company rapidly expanded, creating a network of offices across Mumbai and nearby suburbs, including Navi Mumbai and Bhayander.

The firm’s business model revolved around enticing investors with weekly returns ranging from 6% to 11%, far exceeding traditional investment yields. Initially, many investors reported receiving prompt returns, further fueling public confidence in the scheme. However, when refunds ceased two weeks ago, panic set in, exposing the fraudulent operation.

One investor, who wished to remain anonymous, revealed: “We were initially paid regularly, which built our trust. But when the payments stopped suddenly, we realized it was all a scam. I invested my life savings.”

The situation outside the Torres office in Dadar turned chaotic as scores of investors, many of whom had poured their life savings into the company, confronted locked doors and unanswered questions. The scene was a testament to the emotional and financial devastation wrought by the scam. From young professionals to retirees, victims shared a common tale of lost hope and shattered dreams.

The crowd’s outrage mirrored their sense of betrayal. Many had been lured by the promise of quick and substantial returns, unaware of the precarious foundation upon which the company’s operation stood.

Police Action and Ongoing Investigation

Authorities acted swiftly upon receiving multiple complaints. The Shivaji Park Police have assured investors that an in-depth investigation is underway, with efforts focused on tracking down the accused and recovering the defrauded funds. Legal experts suggest that cases of this magnitude often involve complex financial trails, requiring collaboration with multiple enforcement agencies.

The police urge any additional victims to come forward with information. A dedicated helpline has been set up to handle complaints and assist affected individuals in filing legal claims.