Mumbai Police EOW takes over probe into multi-crore Torres investment scam

The Economic Offences Wing (EOW) of the Mumbai police on Wednesday took over the investigation into Torres jewellery firm's multi-crore investment scam, an official said.

The police have registered a case against Platinum Hern Private Limited company, which runs the 'Torres' jewellery brand, and its directors for duping investors for over Rs 13.48 crore by promising attractive returns on their investment in the firm located at Dadar in central Mumbai, he said. Three top executives of the private jewellery firm -- two of them foreign nationals -- were arrested on Tuesday evening and sent to police custody till January 13.

"Considering the scope of investigation, the case was transferred to the EOW on Wednesday," he said. Accordingly, a team of EOW officials visited the Shivaji Park police station and collected related documents for the probe. After examining the case-related documents, the EOW team will take the probe ahead, he said. "The cheating came to light when more than 300 investors gathered outside the Torres store in Vastu Central building in Dadar west on Monday evening after the company stopped paying promised returns to them," he said. During the initial probe into the case, 66 investors, who had lost Rs 13.48 crore to the fraudsters, came forward, he said.  "The firm had promised 6 per cent weekly return on investment on purchasing Moissanite (naturally occurring silicon carbide used for jewellery and in industrial applications) stones from the Torres store," he said, adding that after its purchase, the accused persons used to lure them into investing into the jewellery brand. The three arrested accused -- Sarveh Ashok Surve (30), a resident Umerkhandi in South Mumbai; Uzbek national Tania alias Tazagul Karaxanovna Xasatova (52); and Russian national Valentina Ganesh Kumar (44) -- are top executives of a private jewellery firm. Surve, who was an Aadhaar Card operator, was director at Platinum Hern Private Limited Company, while Tania was general manager and Valentina was store in-charge in the company. The search for two Ukrainian nationals -- Victoria Covalenko and company CEO Taufiq Riyaz, alias John Carter -- was being carried out by the police, and a look out circular (LOC) was also issued against them, the official said.

Besides Mumbai, hundreds of investors from nearby suburbs, including Navi Mumbai, Mira Bhayandar, were also duped by the company with the investment scheme, he said.