Mumbai Torres Jewellery Fraud: Massive Multi-Crore Fraud Exposed

Mumbai’s financial landscape was recently rocked by the Torres Jewellery fraud, one of the city’s most significant Ponzi schemes involving thousands of investors. The scheme, operated by Torres Jewellers, allegedly defrauded nearly 1.25 lakh investors out of multi-crore amounts by promising high and guaranteed returns on investments.

Launched in February 2024, Torres Jewellers introduced several investment schemes that appeared to be highly lucrative. They claimed to offer returns as high as 6% per week on investments made in moissanite stones. In a clever marketing tactic, the company even distributed fake pendants worth ₹10,000 to initial investors after they committed ₹1 lakh to the scheme, only later disclosing that the stones were of little actual value.

According to reports from PTI and Free Press Journal, the company attracted thousands of investors with promises of annual returns 48% on gold purchases, 96% on silver investments, and an astonishing 520% on moissanite stones. Many were lured into this trap, believing it to be a safe and sound investment opportunity.

However, things began to unravel in December 2024 when all payments ceased, and communication with the company became nearly impossible. Between June 21 and December 30, 2024, investors reportedly lost contact with the firm, and the alleged fraud surfaced, sending shockwaves across Mumbai.

The Mumbai Police’s Economic Offenses Wing (EOW) launched an investigation into the massive fraud. Several key individuals have been arrested, including Sarveh Ashok Surve (30) from Mumbai, Uzbekistan national Tania alias Tazagul Karaxanovna Xasatova (52), and Russian citizen Valentina Ganesh Kumar (44). The investigation also points to Ukrainian nationals John Carter and Victoria Kowalenko as the alleged masterminds behind the scheme, who have fled India.

Authorities have filed an FIR under the Maharashtra Protection of Depositors Act and various sections of the Bharatiya Nyaya Sanhita (BNS).

The majority of Torres Jewellers’ victims are from Mumbai’s lower middle class, who were attracted by the promise of seemingly high returns. Many invested anywhere from a few thousand rupees to several crores, only to find that their hard-earned savings had vanished. After the scheme’s collapse, numerous investors gathered outside Torres’ office in Dadar, demanding answers and accountability.

Reports indicate that investors were drawn by the allure of instant wealth, but the abrupt halt in payouts led to widespread panic and distress. With communication lines severed, those who had placed their trust in Torres Jewellers have now been left with nothing but regrets and financial losses.

As investigations continue, the Economic Offenses Wing is working to trace the money trail and gather more evidence to bring the culprits to justice. The authorities are also urging investors who may have been affected to come forward and file formal complaints.

Meanwhile, Torres Jewellers, through an Instagram post, recently claimed they would “resume operations and bonus payments to clients.” However, considering the magnitude of the scam, experts caution against any premature hopes for recovery, emphasizing the need for a thorough and transparent investigation.

This Ponzi scheme serves as a stark reminder of the dangers of making financial decisions without proper due diligence and highlights the critical role of regulatory oversight in safeguarding investor interests.