Mumbai: Six Foreign Nationals from Ukraine Face Look-Out Circulars in Torres Investment Fraud

Mumbai, 13th January 2025: The ongoing investigation by the Mumbai Police Economic Offences Wing (EOW) into the Torres investment fraud has revealed the involvement of six more foreign nationals, primarily from Ukraine. These individuals are now facing Look Out Circulars. The fraud, in which around 1.25 lakh investors are believed to have lost approximately Rs 1,000 crore, is under intensive scrutiny.

As per police sources, names of the foreign nationals surfaced during witness statements from employees, agents, and others connected to Torres. These individuals allegedly fled the country before Christmas as part of their escape plan. Among the foreign suspects are Victoria Kovalenko, director of Platinum Hern Pvt Ltd, which operates the Torres jewellery brand; former director Olena Stoian; Oleksandra Brunkivska; and Artem, another Ukrainian associate whose full name is yet to be disclosed.

Investigators are also examining whether these individuals were involved in similar fraudulent schemes in Ukraine and Turkey in the past.

On January 6, thousands of investors in Mumbai, Navi Mumbai, and Mira Road protested outside Torres jewellery stores in Dadar, Mira Road, and APMC Navi Mumbai after they stopped receiving promised returns in December. An FIR was filed on January 6 by Shivaji police, reporting a fraud of Rs 13.48 crore involving 66 investors, and the case was transferred to the EOW. Additional FIRs were filed by Navghar police in Mira Bhayander, Rabodi police in Thane, and APMC police in Navi Mumbai.

Torres, operated by Platinum Hern Pvt Ltd, allegedly marketed high-return schemes promising returns of up to 500% annually. Investors were enticed with gifts like iPhones, jewellery, cars, and apartments. However, payments stopped in December, leading many investors to liquidate fixed deposits, take high-interest loans, or even mortgage their properties to fund their investments.

So far, three individuals have been arrested: Taniya Xasatova, the company’s general manager; Sarvesh Ashok Surve, a director; and Valentina Ganesh Kumar, a store in-charge. The EOW is set to seek an extension of their custody in court on Monday.

The investigation also revealed that Xasatova, a Ukrainian national, has been in Mumbai for years and was previously arrested in a 15-year-old cheating case. She was also detained by the Mumbai police with a large sum of cash during an election but was not charged at the time.

The company’s CEO, Mohammed Tausif Reyaz, who claims to have blown the whistle on the fraud, along with Chief Analyst Abhishekh Gupta and Director Surve, has been accused by Torres of orchestrating the fraud. Torres also alleged that these individuals stole from company stores, citing CCTV footage as evidence. However, Reyaz has disputed these claims, calling the footage shared by Torres fake and AI-generated.