Mumbai Torres Scam: Over 1.25 Lakh Investors Duped, Three Arrested; Key Accused Flees to Ukraine

In a shocking financial scam, over 1.25 lakh investors were defrauded of crores of rupees by Torres, a foreign company. The company pinned the blame on its Indian directors, CEO, and CA. Despite the fiasco, Torres continued misleading investors by sending messages claiming, “Do not worry, don’t lose hope. This is a tough time for you and the Torres team. All your accounts will be reactivated soon.”

Torres, operated by Platinum Earn Pvt. Ltd., a foreign entity, established its presence in Mumbai, India, in February 2024. They launched “Torres Jewellery” in Dadar. The company appointed Sarvesh Ashok Surve as the director, alongside CEO Toufiq Riaz alias John Carter, general manager Tania Kasatova, store in-charge Valentina Kumar, and CA Abhishek Gupta.

The Scheme That Lured Thousands

Torres offered a tempting scheme promising a 6% weekly return on investments in jewelry and moissanite stones. Investors could buy a ring or moissanite stone worth ₹10,000 and receive a receipt. They were then assigned a digital account and customer ID, where their investment details were stored.

The scheme promised weekly returns of ₹600 for 52 weeks, tripling the original investment. This too-good-to-be-true offer attracted a large number of investors.

Misuse of Local Representation

The company strategically appointed Sarvesh Surve, a local Marathi resident, as its director to gain trust. Founders John Carter and Victoria Kovalenko, both Ukrainian nationals, remained in the background. Tania Kasatova, an Uzbek citizen, worked as the store manager, while Valentina Kumar, a Russian national married to an Indian, managed operations. Indian CEO Toufiq Riaz was also made a signatory to safeguard the foreign founders from legal liabilities.

Shutdown Before Completion of Returns

Torres launched its main office and showroom in Dadar and later opened branches in Navi Mumbai, Kalyan, Borivali, and Mira Road. However, by December 2024, just weeks before completing their promised 52-week payouts, the company began winding up its operations.

In late December, investors started questioning delayed payments. Torres claimed technical issues and assured double payouts the following week. By January 6, 2025, the company had shut down all branches, and investors found the Dadar office closed early in the morning.

Arrests and Police Action

Angry investors surrounded Tania Kasatova and other staff at the Dadar office. The Shivaji Park police intervened, arresting Tania, Valentina, and Sarvesh Surve. They sealed the showroom and began registering complaints from defrauded investors.

A case under the Maharashtra Protection of Interest of Depositors (MPID) Act and sections of fraud was filed against Sarvesh Surve and five others. Meanwhile, John Carter and Victoria Kovalenko had already fled to Ukraine. Police issued a Look Out Circular (LOC) against them and are tracking other accused.

Investor Count and Losses

Police estimate that over 1.25 lakh investors were duped based on ID numbers issued by the company. Complaints are pouring in from Shivaji Park, APMC Police Station in Navi Mumbai, and Mira Road. The total fraud is expected to exceed ₹1,000 crores.

The investigation continues, as thousands of investors seek justice for their losses.