Torres ponzi scheme: Names of 6 more foreigners crop up in EOW probe, LOCs issued

Among the foreigners who were allegedly wanted by the investigators are the director of Platinum Hern Pvt Ltd, which runs the Torres jewellery brand, Victoriia Kovalenko; former director of the company, Olena Stoian; Oleksandra Brunkivska and another Ukrainian associate of the two, Artem (full name not revealed yet).

Mumbai police EOW are also checking if the same Ukrainian nationals were named in a similar mass fraud in Ukraine and Turkey and a few years ago.

On January 6, thousands of investors in Mumbai, Navi Mumbai, and Mira Road gathered outside the showrooms of Torres’ jewellery stores in Dadar, Mira Road, and APMC Navi Mumbai, staging protests after they stopped receiving their due interest in December last week.

On January 6, Shivaji police filed an FIR mentioning the fraud amount as Rs 13.48 crore from 66 different investors. Later, the case was transferred to the EOW. Besides this, FIRs were filed by Navghar police in Mira Bhayander, Rabodi police in Thane, and APMC police in Navi Mumbai.

Oleksandra Brunkivska (left) and former director of the company, Olena Stoian (right).

The Torres brand, run by Platinum Hern Pvt Ltd, has allegedly floated multiple schemes offering weekly interests, considered ‘too good to be true’ with around 500 per cent annual interest on investments. Initially investors, who were lured with incentives like iPhones, jewellery, and other expensive gifts like branded bags, cars, and apartments, were promised returns regularly, but in December last week they began defaulting. Many investors broke their FDs, took loans with high interest, and even mortgaged their jewellery and houses to invest money into the lucrative schemes.

So far three accused have been arrested: the company’s general manager, Taniya Xasatova, alias Tazagul Karaxanovna Xasatova, 52; director Sarvesh Ashok Surve, 30; and store in-charge Valentina Ganesh Kumar, 44. EOW would produce them in the court on Monday seeking an extension of their custody.

Police probe has also revealed that the accused Ukrainian, Xasatova, has been staying in Mumbai for a long time and was once arrested by Mumbai police in a cheating case 15 years ago. She was also held with a huge amount of cash in Dongri during the election and was unable to explain the reasons for possessing so much Indian currency with her. However, no action was taken by the police at the time.

Another wanted accused and the company’s alleged CEO Mohammed Tausif Reyaz alias John Carter, had claimed himself to be the whistleblower of the case along with Chief Analyst Abhishekh Gupta and director Surve. The Torres company has blamed CEO Reyaz and CA Gupta for the entire fraud, claiming they induced a group of employees to commit a coup.

Torres also claimed that they robbed the company’s stores and shared CCTV footage to back their claims. Reyaz, however, claimed that all the CCTVs shown by Torres on their Instagram, website and other platforms are fake and AI generated.