The Economic Offences Wing (EOW) of Mumbai police on Wednesday commenced investigation into the Torres Ponzi scheme case after it was officially transferred to them from Shivaji Park police station.
The EOW is scrutinizing all transaction details of the accused company since its inception in MMR in February 2024, to track the money trail. EOW officials are also checking if the money was sent abroad.
A separate team of EOW is interrogating the three accused; company’s general manager Taniya Xasatova alias Tazagul Karaxanovna Xasatova, 52, director Sarvesh Ashok Surve, 30, and store in-charge Valentina Ganesh Kumar, 44, who were arrested by the Shivaji Park police and are currently in police’s custody till January 13.
EOW officials are also trying to obtain information on at least two key alleged conspirators and company founders in Tausif Reyaz alias John Carter and Ukranian national Victoria Kovalenko. Look Out Circulars have been issued against the two.
On January 6, thousands of investors in Mumbai, Navi Mumbai and Mira Road gathered outside the showrooms of Torres’ jewellery store in Dadar and Sanpada, staging protests after they stopped receiving their due interest in December last week. On Tuesday police filed an FIR on the complaint of a vegetable vendor from Khar claiming he and his relatives lost Rs 4.5 crore to the investment fraud. Police filed an FIR mentioning the fraud amount as Rs 13.48 crore from 66 different investors.
The Torres brand, run by Platinum Hern Pvt Ltd, has allegedly floated multiple schemes offering weekly interests, considered ‘too good to be true’, ranging from 4-20% on investments. Initially investors were promised returns regularly, but in December last week they began defaulting. The FIR states that more than 1.25 lakh individuals invested money. Police officers said that the total fraud amount may be worth Rs 1,000 crore. Many investors broke their FDs, took loans with high interest and even mortgaged their jewellery and houses to invest money into the lucrative schemes. For many investors, the fraud has shattered their lives and dreams.
The police on Tuesday informed the court that the accused company had no permission from the RBI or any other government body to accept investments. “They committed the financial crime in a well-planned and organised manner,” inspector Yuvraj Sarnobat informed the court.
No permission from RBI
The police have also seized the hard disks from the company’s Dadar office to scrutinise and understand just how much investment the company has received thus far. So far the police have frozen over Rs 10 crore in different bank accounts linked to the company.
Till Wednesday nearly 1500 investors from across the Mumbai Metropolitan Region (MMR) had approached police sharing details of their investments. The EOW has formed a separate police team which is collecting information from investors regarding their transactions with the company.
Allegations against whistleblower
The Torres company has been posting messages on Instagram and on their website levelling allegations against two of their employees CEO Tausif Reya and Chief Analyst Abhishekh Gupta, claiming that they were the masterminds behind the alleged fraud and had undertaken a coup, swindling the investors and the rest of the company members as well. The company has accused the two of encouraging other employees to commit robbery. The company on their Instagram page on Thursday posted a video of Gupta seen sitting at the Shivaji Park police station with a caption saying, “Abhishek Gupta with the gift is now at the police station in Dadar: GATHER NEAR THE STATION!!! Maximum REPOST!!! Help the company punish the criminal and restore justice!”.
They shared another post on instagram, announcing a reward of Rs 2,00,000 to catch them. Sources said that EOW officials too are making inquiries with Gupta.
However, a senior police officer said that Gupta is not a suspect, but in fact a whistleblower who had written to Mumbai police on December 30, 2024 and January 3, 2025 regarding the alleged financial irregularities in the company. He had written emails and also claimed to have visited the police headquarters near Crawford market.
A police source also said that Gupta has filed a police complaint with the Pydhonie police station after receiving threats against him.
The Shivaji Park police officials have said that the Torres company has been posting messages on Instagram and on their website claiming innocence and promising to refund the money to investors. However, nobody from Torres or their parent company has so far approached the police explaining all the questions pertaining to the illegal operation of the alleged ponzi scheme.
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