Torres Jewellery investment scheme goes bust in Mumbai
January 8, 2025Kalyan Jewellers shares slipped 10% from recent record high levels
January 9, 20253 Torres executives, including 2 foreigners, held in multi-crore jewellery fraud in Mumbai
MumbaiPolice have made three key arrests and are looking for two other suspects in the multi-crore Torres Jewellers’ fraud that is still unraveling across it six branches in and around Mumbai. Police suspect that the company, which had floated various fraudulent investment schemes, has scammed an estimated 1.25 lakh investors of a staggering ₹1,000 crore.
Shivaji Park police have arrested Sarvesh Ashok Surve, director of Platinum Hern Pvt Ltd, which owns the brand ‘Torres Jewellery’; its general manager Tania Kasatova aka Tazgul Karaxanova Xasatova, an Uzbek national; and its stores in-charge Valentina Ganesh Kumar, a Russian woman married to an Indian national.
Police are searching for company CEO Taufik Riyaz aka John Carter, and director Viktoriia Kovalenko, who too have been named in the First Information report (FIR). Police said that Riyaz and Kovalenko, both Ukrainian nationals, had floated the company, and look-out circulars have been issued to prevent them from fleeing the country.
