A massive investment scam involving the foreign-based Torres Jewelry Company has defrauded more than 1.25 lakh investors of over ₹1,000 crore. The company, which promised lucrative returns on jewelry and diamond investments, has collapsed, leaving investors in financial ruin. The Economic Offenses Wing (EOW) is now investigating the case, and an FIR has been registered under the Maharashtra Protection of Depositors Act and other sections of the law.
Arrests and Escape of Key Figures
Three individuals have been arrested in connection with the scam: Sarvesh Ashok Surve, Tanya Casatova, and Valentina Kumar. However, the alleged masterminds, Ukrainian nationals John Carter and Victoria Kowalenko, have fled the country. Authorities have issued Lookout Circulars (LOCs) to track and arrest them.
Operations of Torres Jewelry
The company began operations in Mumbai in February 2024, opening a flagship showroom in Dadar and branches in Navi Mumbai, Kalyan, Borivali, and Mira Road. It attracted investors with an enticing scheme, offering weekly returns of 6%, which promised to triple the investment amount over 52 weeks.
Investors purchased jewelry or moissanite diamonds and received official receipts. Each investor was provided with a digital account and a unique customer ID to track their returns.
Roles of the Accused
- Sarvesh Surve, a local resident with no prior business experience, was appointed as the director to provide a local face for the foreign venture. His digital signatures were used for official documents, while Carter and Kowalenko controlled the company’s operations from behind the scenes.
- Tanya Casatova, an Uzbek national, managed the stores, while Valentina Kumar, a Russian citizen married to an Indian, oversaw retail operations.
Police sources revealed that Surve may have been unaware of the larger conspiracy, making him a convenient scapegoat.
Collapse of the Scheme
The scam began to unravel when the company stopped payments in December 2024, citing technical issues. On January 1, 2025, Torres abruptly shut down all its showrooms.
On January 6, 2025, angry investors gathered outside the Dadar office. Tanya Casatova and Valentina Kumar were confronted and detained by Shivaji Park police, along with Sarvesh Surve.
Scale of the Fraud
Preliminary investigations indicate that over 1.25 lakh investors were defrauded, based on the highest customer ID numbers issued. The total fraud amount is estimated to exceed ₹1,000 crore. Police stations in Shivaji Park, APMC (Navi Mumbai), and Mira Road have been overwhelmed with investors filing complaints. Several FIRs have been registered within two days.
Ongoing Investigation
The EOW is coordinating with international agencies to track down Carter and Kowalenko. Authorities have urged affected investors to file complaints to strengthen the case. The investigation is ongoing, with efforts focused on recovering funds and ensuring justice for the victims.
