Mumbai: 5 top executives of Dadar firm booked for running Ponzi scheme; investors lost Rs 13 cr

Directors Sarvesh Surve and Victoria Kowlenko, CEO Taufiq Riya alias John Carter, general manager Tanya Kastova and store in-charge Valentina Kumar were booked based on a complaint by a 31-year-old vegetable vendor, Pradipkumar Vaishya, who had invested in their ponzi scheme.

So far the police have recorded statements of at least seven persons, who cumulatively lost Rs 13.48 crore, in the Ponzi scheme which promised to offer 25% monthly interest on their investment.

Police suspect that that accused had duped many investors in Mumbai, Navi Mumbai and Mira Bhayander areas.

Between June and December 2024, the accused floated a scheme claiming that if any investor buys moissanite stone from them for the amount invested, that person will get a weekly interest of 6 per cent.

Lured by the offer many people deposited money with the company, police said.

The investors were initially given regular interests as promised, but after December 30, 2024, the firm started ignoring investors’ calls, the police said.

As several investors gathered outside Torres store on JK Sawant Road in Dadar (West) demanding their money, police arrived at the spot to pacify the crowd.

A case under sections 318(4), 316 (5), 61, of Bhartiya Nyay Sanhita (BNS) and sections 3 and 4 of Maharashtra Protection of Interest of Depositors (MPID) Act was lodged against the top five executives of the company.

“The number of investors duped and amount involved may increase in coming days. After lodging and FIR, we have sent a report to the office of commissioner of police and soon the case would be transferred to the Economic Offences Wing (EOW) of Mumbai police,” DCP Zone 5 Ganesh Gawde said.