Torres Scam Accused Claims To Be ‘Whistleblower’. How Did The Rs 1,000-Crore Fraud Take Place?
Torres jewellery scam: Accountant alerted police, but action delayed .The Economic Offences Wing is investigating a jewellery scam in Maharashtra. The company’s former CEO and another accused have made several revelations in their reports.
Torres Torres jewellery Scam Case: The prime suspect in the Torres scam in Maharashtra and the former CEO of the company, Tausif Reyaz, has now described himself as a “whistleblower”. He also claimed that he alerted the agencies about the scam on January 4 when he came to know about it and also submitted evidence.
Reyaz also said that another suspect arrested in the case had written to the agencies about the same. The Mumbai Police has so far arrested three suspects in this case.
The Economic Offences Wing is investigating the Rs 1,000-crore scam. According to an NDTV report, Tausif prepared an 182-page ‘whistleblower report’, claiming that the people involved in the scam are the same who were behind the B2B jewellery scam in Ukraine and Russia in 2019. The Economic Offences Wing is investigating the claims now. Tausif reportedly shared the report with several agencies.
What Is The Torres Ponzi Scam?
The Torres Ponzi scam is a Rs 1,000-crore fraud that primarily targeted the low-income group in Mumbai. Launched in early 2024 by Torres Jewellery, a company operating six stores in Mumbai, the scheme promised investors extraordinary returns of up to 300% on their investments in imitation jewellery, reported The Indian Express. The lure of high payouts drew nearly 1.25 lakh investors.
The operation involved elaborate marketing strategies, including seminars that presented the investment opportunities as legitimate and backed by official documentation. However, as the scheme progressed, Torres abruptly halted payouts in late December 2024, prompting widespread investor protests and police complaints.
Many participants, including small traders and vegetable vendors, had invested their life savings, some even taking loans or selling assets. In response to the outrage, the police initiated investigations against the company’s directors and staff for cheating and criminal conspiracy.
The company, however, shrugged off accountability by alleging internal sabotage, led primarily by its CEO. As authorities continue to probe the case, victims are left seeking justice for their lost investments.
Tausif claimed in his report that his life was in danger. Torres Jewellery operated under a Ponzi scheme, allegedly involving tax evasion and possible money laundering. Tausif urged the investigating agencies to immediately intervene to protect customers and prevent financial loss.
‘Indian SIMs Obtained Via Nepal’
Tausif alleged foreign nationals associated with the company had obtained Indian SIM cards using fake IDs, for which they paid more than Rs 12,000. These SIMs were passed through Nepal.
Three, including two foreigners, have been arrested in the case. The two foreigners were identified as Valentina Ganesh Kumar (store in-charge) and Tanya Xasatova (general manager). The third accused is Sarvesh Surve (director).
Tausif Reyaz said that Sarvesh Surve had also written to the agencies on January 2, claiming that Torres had said that it was starting a retail jewellery business in India. Therefore, he became a director and shareholder. “But he was never involved in the operation of the showroom,” Tausif said citing Sarvesh Surve’s purported letter. A jewellery showroom was indeed opened under the name Torres in the Dadar area of Mumbai.
Customers Handed Fake Jewellery
Surve in his letter reportedly claimed said the company had started taking money from people by promising cashback, high bonuses, and returns of 300%. However, customers were duped. In addition, they were handed low-quality moissanite stones instead of real jewellery.
MUMBAI: After a ₹1,000-crore investment scam, Torres jewellery’s accountant exposed fraud but received threats. Police investigate allegations of a Ponzi scheme.
MUMBAI: Three days after the massive ₹1,000-crore investment scam involving the Torres jewellery firm came to light, the police revealed that its head accountant, Abhishek Gupta, had raised the alarm. Gupta had filed complaints with multiple authorities, including the Mumbai Police and the Enforcement Directorate (ED), alleging fraudulent practices by the jewellery chain. Gupta alleged that despite complaints, law enforcement did not act swiftly in the matter.
According to the police, Gupta first submitted his complaints on December 30 and attempted to meet with several officials to detail the alleged fraud. Despite his efforts, the main accused managed to flee before a planned raid by Navi Mumbai Police at the company’s Sanpada store. Gupta, who has reportedly been receiving threatening calls, approached the Shivaji Park police station on Wednesday seeking protection.
“Gupta also visited Byculla police station on Tuesday night to report the threat calls. However, it appears the accused had already siphoned off significant funds, leaving behind only employees at the stores. We are investigating whether Gupta’s actions were entirely genuine or if he is attempting to shield himself,” said a police officer.
The company, meanwhile, has accused Gupta and its CEO, Tausif Riyaz, of being involved in vandalising and robbing the stores. This has reportedly turned the company’s investors against them
Key arrests and overseas connections
The police have arrested Sarvesh Ashok Surve, the director of Platinum Hern Pvt Ltd; Tania Kasatova, the general manager and an Uzbek national; and Valentina Ganesh Kumar, a Russian national married to an Indian. Both Kasatova and Kumar held key roles in the company.
Additionally, it has come to light that the company was attempting to expand its operations internationally, with plans to open showrooms in Sri Lanka.
BJP Leader Kirit Somaiya has stated that the scam could potentially involve 1.25 lakh victims, with the fraud’s total value expected to exceed ₹1,000 crores.
With Thanks and Reference to:https://news.abplive.com/cities/torres-scam-accused-claims-to-be-whistleblower-how-did-the-rs-1-000-crore-fraud-take-place-1742874 and https://www.hindustantimes.com/cities/mumbai-news/torres-jewellery-scam-accountant-alerted-police-but-action-delayed-101736364164433.html
